India-UK FTA Eliminates Tariffs On 99% Of Exports, Opening Doors For Electronics Sector: ICEA

(MENAFN- KNN India) New Delhi, May 10 (KNN) The recently signed free trade agreement (FTA) between the United Kingdom and India presents significant opportunities for India's electronics industry to capture a larger share of the UK's electronics import market, according to the India Cellular and Electronics Association (ICEA).

ICEA Chairman Pankaj Mohindroo highlighted the potential impact in a statement released on Friday, noting that while the UK currently imports USD 80.5 billion in electronics goods globally, India accounts for only USD 2 billion of this total.

The new FTA is expected to facilitate export opportunities that will help India progress toward its ambitious electronics export target of USD 180-200 billion by 2031.

According to the ICEA, this trade agreement will play a formative role in shaping the future of India's electronics manufacturing sector and its integration with global value chains.

The association forecasts that the FTA will double bilateral trade from the current USD 60 billion to USD 120 billion by 2030, providing unprecedented market access for Indian exports to the UK market.

A key feature of the agreement is the elimination of tariffs on 99 percent of Indian exports, which will expand special access for domestically manufactured electronics, engineering goods, auto components, IT services, and other sectors.

The ICEA also noted that the FTA will enhance employment opportunities for Indian professionals in the UK, including provisions for contractual service suppliers, business visitors, and intra-corporate transferees.

Additionally, dependent children of intra-corporate transferees will receive the right to work in the UK, further strengthening professional mobility between the two nations.

(KNN Bureau)

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