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Brief by Shorts91 Newsdesk / 10:48am on 16 Oct 2023,Monday Business
The proposed India-UK free trade agreement should benefit India's labour-intensive sectors like apparel, footwear, carpets, and cars through the elimination of import duties, according to the Global Trade Research Initiative (GTRI). However, the overall impact on India is anticipated to be limited since a substantial portion of Indian goods already enters the UK with low or zero tariffs. In the fiscal year 2022-23, India's exports to the UK were valued at $11.41 billion, with roughly $6 billion worth of goods (including petroleum products, medicines, diamonds, machine parts, airplanes, and wooden furniture) enjoying duty-free access. The FTA is expected to have a more pronounced effect on products with moderate tariffs, such as textiles, apparel, and footwear.
