India and the United Kingdom have emerged as key players in the multilateral trading system and eagerly strengthening their trade relations. The bilateral trade between UK and India is currently around US$ 50 billion, including US$ 34 billion of services and US$16 billion of merchandise goods.
In 2021-22, India’s merchandise trade with the UK stood at US$ 16 billion, comprising of US$ 9.4 billion worth Indian exports and US$ 6.5 billion of imports, said Mr. Pradeep Multani, President, PHDCCI
With the ongoing India-UK Free Trade Agreement talks, Indian businesses would benefit significantly by greater access to the UK market in ICT, financial services, food and beverage, and pharmaceuticals. This FTA would be vital for India as it would enhance exports of large sectors such as textiles, leather goods, and footwear, which would increase employment opportunities in India with increased factory production and enhanced volume of goods and services, said Mr. Pradeep Multani
Going ahead, India UK trade agreement will also boost the competitiveness of Indian products and provide a strategic advantage for India. This initiative of the Government would allow India to explore futuristic opportunities in trade and investment by making exports easier and promoting investments inflows. Bilateral trade between India and UK is expected to be double in the next 5 to 7 years.
This article was shared with Prittle Prattle News as a Press Release.
Image Courtesy PHDCCI
