Piyush Goyal Calls India-U.K. FTA 'Stepping Stone Towards Viksit Bharat' - Which Key Sectors Will Benefit?

Union Commerce and Industry Minister Piyush Goyal on Saturday, July 26 lauded the free trade agreement inked between India and the U.K., which makes the European nation's market highly attractive for textiles, jewellery, agricultural products and engineering goods.

Addressing a press conference, Goyal mentioned that 99 per cent of India's exports will be able to go to the U.K. duty-free.

"Prime Minister Narendra Modi and U.K. Prime Minister Keir Starmer signed a Free Trade Agreement. Cabinet approval has been given in India, but Parliamentary approval in the UK is pending," Goyal said.

Further, he claimed that the FTA to be "important" and “game-changing".

Meanwhile, the FTA proves beneficial for India renewable energy player as the pact allows India to export products such as wind turbines and solar modules with zero tariffs to the U.K.

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On this development, Gautam Mohanka, CEO of Gautam Solar, said, “We view this as a Strategic opportunity to expand our global footprint while supporting the U.K. in meeting its ambitious net-zero targets. The agreement will therefore permit freer and faster trade flows and at the same time.”

"This dimension instills greater confidence in Indian manufacturers, increases investment in production capacity, and backs innovation in green technology," he said. 

Besides, the U.K. will also support India on green hydrogen, civil nuclear energy, and offshore wind apart from helping India finance its climate goals through multilateral development banks (MDBs). 

The FTA aims to boost bilateral trade to USD 120 billion by 2030—effectively doubling the current trade volume between the two nations.

On the approach to ink FTA's, Goyal said, "Talks are going on with other developed countries. India now signs FTAs with countries which do not compete with us, but complement us. The UK-India Comprehensive Economic and Trade Agreement will prove to be a stepping stone towards our dream of a Viksit Bharat."