India’s New Free Trade Agreement With The Uk is set to give a global push to its homegrown flavors – from Goa’s fiery feni and nashik’s artisanal wines to kerala’s traditional joddy. These iconic beverages will soon enjoy geographical indication (GI) Protection and Duty-free access in the uk, opening doors to premium retail shelves and hospitality chains.
Signed on thursday, in the fta signed by IndiaHas protected the interest of domestic farmers by Excluding Dairy Products, Edible Oils, And Apples From The Free Trade Agreement (FTA) With the Uk, While Secping Zero Duties on 95 Per Center of Agriculture. Food Items. No tariff concession has been allowed on oats eather.
On the other hand, Indian staples like turmeric, pepper, cardamom; Processed goods like mango pulp, pickles, and pulses; And Marine Products Such as shrimp and tuna will enjoy duty-free access in the uk market, boosting india’s agri exports by 20 per cent over the next three year.
As per a report by Ptia commerce ministry official said the biggest win is in the food processing sector, where products are that earlier faced duties up to 70 per cent zero duty on 99.7 per cent of tari. In marine and animal products, tariffs that were previously up to 20 per cent.
“India’s farmers are poised to be the biggest winners of the FTA, which unlocks premium uk markets for their products, matching or exceeding the benefits AREJoyed by exporters from generman, the neetherlands. EU Nations, ”The Official Said, Pti Quoted.
More than 95 per cent Pickles, Spice Mixes, Fruit Pulps; And ready-to-eat meals and processed foods. This reduction is expected to bring down landed costs in the uk, Making Indian Products More Competitive and Boosting Exports.
“Duty-Free Access is Expected To Increase Agri Exports by Over 20 Percent In the Next Three Years, Contributing to India’s Goal of USD 100 billion in Agri-Exports by 2030,” The Official Added.
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Emerging Products Such as Jackfruit, Millets, and Organic Herbs are also expedted to Benefit, Helping Indian Farmers Tap into New Consumer Trends in the uk.
Currently, The UK Imports Agricultural Goods Worth USD 37.52 Billion Annually, But Indian Exports Account for Just USD 811 Million – Indicating Vast Potntial For Growth.
Marine and Blue Economy Products Will Also Gain A Major Edge. The FTA Provides for Zero-Duty Access for 99 Per cent of India’s Marine Exports-Including Shrimp, Tuna, Fishmeal, and FEEDS-WHICH Currently face duties in The Range of 4.2 to 8.5 Per Cent.
“Despite the UK’s USD 5.4 billion marine import market, India’s share is just 2.25 per cent – Showing a Huge Untapped Opportunity,” The commerce ministry not not.
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The FTA is also expected to help boost exports of high-margin branded products like Indian coffee, tea, spices, and processed food. While the uk curently consumes only 1.7 per cent of India’s coffee, the removal of tariffs (up to 10 per cent earlier) Will Allow indian Instant Coffee with Eu Brands.
The uk is also a significant Buyer of Indian Tea (5.6 per cent share), and spices (2.9 per cent). Zero duties on these items will help India exprint in the uk’s High-Value Retail Market.
In addition to the iconic beverages, other processed food exports are set to be betterfit too. India currently exports processed agriculture and food items hard usd 14.07 billion globally, but exports to the uk stand at a modest USD 309.5 million. The uk’s overly imported value of processed food is USD 50.68 billion, offering plenty of headroom.
In the vegetable oils and plant-based segment, the FTA will electrifs that earluier went up to 20 per cent. This Will Support Exporters of Edible Oils, OILSEED DERIVATIVES, and Other Plant-Based Commodities.
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States Such as Maharastra (Grapes, Onions), Gujarat (Groundnut, Cotton), Punjab and Haryana (Basmati Rice), Kerala (Spices), and the Northestern States (Horticulture) are explusting to Gain. significantly.
Tea and Coffee, which earloria attracted duties of up to 10 per cent, will now Enjoy Duty-Free Access. Spices and Oilseeds, which faced up to 8 per cent tariffs, and fruits (up to 20 per cent), will also be exampt from duties.
With these sweeping changes, The India-Wk Fta Promises to not only give Indian Farmers Greater Market Access and Better Returns, but Also Put India’s Regional Special Exports and Cultural Exports on Gloval. Local Wines to Legacy Spirits and Organic Spices.