New Delhi : “There is a considerable positive sentiment over the potential of the foreign trade agreement (FTA) between India and UK and the anticipated economic benefits to businesses on both the sides. The zeal and enthusiasm with which the FTA negotiations are progressing are a testimony to our commitment to double bilateral trade by 2030,” said Rajendra Ratnoo Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of the Republic of India at the India-UK Business Outreach.
“The leaders of both the countries are committed to FTA and have set an ambitious goal to gift it to people from both sides. Optimistically, it should happen by the end of October and will be a Diwali gift”, said Rajendra Ratnoo, Joint Secretary, Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India at the India-UK Business Outreach at Trade and Investment Alliances was organised by the apex industry body, Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Talking about the impact of the free trade pact on India, Ratnoo said, “FTA with UK is expected to provide certainty, predictability, transparency, and create a more bilateral facilitative and competitive services regime. FTA expands sector and corporation, enhances our exports by addressing market issues on both the sides and removing the restrictions which are impeding the trade on both sides. India is expected to register a quantum jump as the FTA will give a major thrust to Indian export and labour-intensive sectors like leather, textile, jewellery etc. Services like IT, ITES, nursing, education and healthcare are also likely to get huge thrust.”
The India-UK outreach was the first event that Alex Ellis British High Commissioner to the Republic of India attended since the 10-day national mourning in the UK, following the demise of Queen Elizabeth II. During his address, he praised the political will that exists in India and the UK. “A deeper, different kind of economic relationship is needed now,” he said.
Furthermore, the High Commissioner stressed on the need for increased trade and investment between India and the UK. “Free trade agreements (FTAs) are an effective way to increase employment and growth in our countries.” As one of the reasons India trades with the UK, he cited its importance as an international destination, not just as the world’s sixth largest economy but also as one of the most open economies in the world.
“UK brings excellence,” he said. The best thing that UK and India have done together in the last two years is to combine the UK’s academic and research excellence with India’s manufacturing power to create the Covishield vaccine. This country, my country, and the entire world have benefited greatly from it. Furthermore, the two countries are comfortable with each other.
Suhail Nathani Chairman, ASSOCHAM WTO, Trade & Investment Council and Managing Partner, ELP gave his welcome address and said that India has been engaging with neighbouring countries, but it is time to explore opportunities with UK as well. India has switched from trade and diplomacy to trade and commerce in the last few years, he added. He shared that India connects with UK as their relationship is deeply rooted in history and forms a solid foundation for a vibrant partnership ahead.
According to Harish Ahuja, Chairman of Shahi Exports Pvt Ltd, a free trade agreement will promote employment and provide numerous prospects for women workers in the long term. He said that both nations will benefit from it.
Preeti Malhotra Chairperson, ASSOCHAM National Council for Corporate Affairs, Company Law and Corporate Governance, Past President, ICSI and Chairman Smart Bharat Group shared that bilateral engagements have taken a center stage and Indian economy has seen a sharp rebound and is one of the fastest growing economies. Comprehensive strategic partnerships in the fields of defence, security, technology, healthcare, and life sciences are part of India and the UK’s shared future vision. The dynamic growth path between India and UK has an extreme potential to attain growth in both private and public sector. A holistic approach in communication and open exchange should be prioritized.
Kamal Hingorani, CCO, SpiceJet gave his industry perspective and shared that Civil Aviation in India is expected to reach a CAGR 7-8% in the next few years & freight traffic may cross 4 million tonnes at 8% CAGR, posing great export opportunities with the UK.
