(MENAFN- IANS) New Delhi, July 24 (IANS) The India-UK Free Trade Agreement (FTA) will have a far-reaching impact on a lot of industries in the country and will open new markets for the businesses, leading industry chamber PHDCCI's President Hemant Jain said on Thursday.

Jain told IANS here that bilaterally, the trade pact will pave a path for getting the EU and the US FTA also in line.

“This is a major step which will boost both goods and services. It is the most comprehensive agreement that will help several sectors, like IT services, financial services, handicrafts, gems and jewellery and so on,” he noted.

Once an FTA is reached, the comfort level between the two nations is enhanced to a great extent.

"There is a greater market outreach which you can achieve. There will be huge investment coming into India after this FTA,” Jain told IANS, adding that the industry chamber will now spend time and go through the nitty-gritty of the FTA to see how it can benefit the companies and businesses going forward.

The UK is the sixth largest economy in the world, and India will have more access to a large market which is untapped right now, said Jain.

"We commend both governments for finalising a deal that promises to catalyse bilateral trade, enhance the competitiveness of Indian SMEs, and open new doors for industries in manufacturing, services, and technology sectors," he added.

The agreement is a testimony to the strategic depth that will lead to a doubling of bilateral trade to over $120 billion by 2030 with the UK.

The free trade agreement will boost bilateral investment and generate new employment opportunities in both countries. Moreover, these agreements between two vibrant democracies and major global economies will also contribute to strengthening global stability and shared prosperity.

On the one hand, it paves the way for enhanced market access in the UK for Indian textiles, footwear, gems and jewellery, seafood, and engineering goods. It will also unlock new opportunities for India's agricultural produce and processed food industry.

Above all, this agreement will be especially beneficial for India's youth, farmers, fishermen, and the MSME sector, Prime Minister Narendra Modi said after the deal was signed.

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