India-UK FTA To Enable Plastics Exports Double To USD 800 Mn: PLEXCONCIL

(MENAFN- KNN India) New Delhi, May 9 (KNN) The Plastics Export Promotion Council (PLEXCONCIL) has expressed strong support for the recently implemented India-United Kingdom free trade agreement.

With the elimination of import duties of up to 6 percent on Indian plastic products, the industry body forecasts a substantial increase in exports to the UK market, projecting nearly double the current figures to reach approximately USD 800 million by 2027-28.

The United Kingdom currently ranks as the fourth-largest destination for India's plastic exports.

Bilateral trade in plastics between the two nations totaled USD 623 million in fiscal year 2023-24, with Indian exports accounting for USD 445 million and imports from the UK valued at USD 178 million.

According to PLEXCONCIL, India's plastic exports to the UK have demonstrated consistent growth over the past five years, maintaining a compound annual growth rate of 7.5 percent.

"The India-UK FTA is a landmark development that places Indian exporters on equal footing with EU suppliers, who previously enjoyed zero-duty access," said Vikram Bhadauria, Chairman, PLEXCONCIL.

He asserted, "With import duties in the UK on all plastic tariff lines reduced from up to 6 percent to 0 percent, Indian exporters now have a competitive edge in pricing and market access."

India's primary plastic exports to the UK consist of flexible intermediate bulk containers, packaging goods, and polyethylene sacks and bags.

The UK imports approximately USD 33 billion worth of plastic products annually, with China, Germany, and the United States serving as its major suppliers.

Prior to the FTA, European Union member states had enjoyed duty-free access to the UK market under preferential arrangements, providing them with a pricing advantage.

The new agreement effectively levels the playing field for Indian exporters.

"The immediate elimination of tariffs under the India-UK FTA will help Indian exporters compete directly with global leaders like China and the US, opening up opportunities to scale our exports and diversify product offerings in the UK market," said Sribash Dasmohapatra, Executive Director, PLEXCONCIL.

(KNN Bureau)

MENAFN09052025000155011030ID1109529632