New Delhi, July 15: The India-United Kingdom (UK) Free Trade Agreement (FTA) officially commenced on Wednesday, marked by the dispatch of the first export consignment from the Flometallic unit of Brakes India Private Limited, located in the Jhagadia GIDC area of Bharuch district. The shipment was flagged off by IAS officer Anupam Kumar (DGFT), along with Bharuch MP Mansukhbhai Vasava, and other dignitaries.
The consignment sent to the UK includes 13,200 iron castings of brakes manufactured for Renault, weighing a total of 25,656 kilograms and valued at €39,020.
During the event, MP Mansukhbhai Vasava emphasized that Prime Minister Modi is committed to transforming India into a ‘developed nation.’ He noted that various components related to vehicle braking systems from Brakes India Private Limited are now being exported to the UK as part of this initiative.
IAS officer Anupam Kumar stated that the vision of a ‘developed India’ as envisioned by Prime Minister Modi is now taking shape. The India-UK FTA is effective immediately. Following this agreement, valuable Indian products such as textiles, garments, jewelry, engineering goods, machine parts, and pharmaceuticals will benefit significantly. Additionally, farmers’ produce and other food items will also enjoy duty-free status in the UK.
Kumar described the UK agreement as a ‘model agreement’ for India, as it laid the groundwork for the India-EU agreement, which is expected to be implemented next year.
He highlighted that Prime Minister Modi aims to sign FTAs with as many developed countries as possible, allowing Indian products to be sold at competitive rates in these markets, thereby benefiting Indian entrepreneurs. This is a significant opportunity for various sectors, including pharmaceuticals, chemicals, and petrochemicals, to sell their products competitively in the UK.
Kumar also pointed out that the global supply chain is opening up new markets for manufacturers of components and raw materials, making the FTA a crucial element of this expansion. He mentioned that prior to the India-UK FTA, agreements with the UAE, Australia, and Oman have already been signed, providing substantial benefits to Indian entrepreneurs.
Leave a Comment