India Has Scope To Expand Processed Food Exports To UK Under Trade Pact: TPCI

(MENAFN- KNN India) New Delhi, Oct 22 (KNN) India has significant scope to expand its processed food exports to the UK, as it currently accounts for just 0.6 per cent (USD 309.5 million) of the country's annual imports worth USD 50.68 billion, the Trade Promotion Council of India (TPCI) said on Thursday.

The India-UK Comprehensive Economic and Trade Agreement (CETA), implemented on July 15, has removed tariffs on several Indian exports, including processed foods, shrimp and instant coffee, improving their competitiveness in the British market.

To strengthen bilateral trade in food processing, TPCI has signed a memorandum of understanding (MoU) with the UK-India Business Council (UKIBC), PTI reported.

The agreement provides a framework for business collaboration through trade missions, market intelligence sharing and business linkages, with a focus on growth opportunities for small and medium enterprises (SMEs) in both countries.

TPCI Chairman Mohit Singla said,“The food and beverage sector represents a significant growth corridor under the new trade framework.”

Under CETA, UK tariffs of up to 70 per cent on processed foods and 4.2-8.5 per cent on shrimp, along with duties on instant coffee, have been eliminated, he added.

“Following the entry into force of the India-UK CETA, both TPCI and UKIBC will be deeply engaged in bilateral trade development, ensuring that the post-FTA momentum translates into tangible outcomes,” Singla said.

TPCI and UKIBC held an India-UK Trade Promotion Event on Food and Beverages in London on October 15, bringing together 48 Indian exporting companies and 150 UK-based importers.

(KNN Bureau)

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