Union Minister of Commerce and Industry Piyush Goyal has described the India-UK Free Trade Agreement (FTA) as the “biggest, most comprehensive, and most important” trade pact India has signed to date, calling it a transformative deal for farmers, MSMEs, youth, and exporters.
Speaking at a press conference following the landmark signing by Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, Goyal said 99% of Indian exports to the UK will now enter duty-free, offering a massive boost to domestic industries.
“This FTA has been signed on our terms… It will provide immense opportunities for our farmers, youth, fishermen, and MSMEs,” he said, highlighting that Cabinet approval has already been granted in India, while the UK awaits parliamentary clearance.
Goyal contrasted this agreement with previous FTAs signed under the UPA government, which he claimed had damaged India’s manufacturing sector.
“The UPA signed FTAs with our competitors. They allowed cheaper foreign goods to flood our markets. In contrast, PM Modi’s government has inked FTAs with countries like Mauritius, Australia, EFTA nations, UAE, and now the UK—partners that complement, not compete with us,” he asserted.
Goyal called the deal a “stepping stone” toward achieving the vision of Viksit Bharat 2047, with India now emerging as a trusted global economic partner.
The minister also stressed that the agreement safeguards India’s intellectual property rights. He cited the case of the Kolhapuri chappal, a Geographical Indication (GI) product that was recently used by a global brand without permission.
“We acted immediately. With this agreement in place, Kolhapuri chappals will now get global recognition, and the GI-tag will open up international business opportunities worth ₹8,000–₹10,000 crore,” he added.
Signed during PM Modi’s two-day UK visit, the India-UK FTA is aligned with India’s economic transformation agenda. Both countries aim to increase bilateral trade to USD 120 billion by 2030. The UK government confirmed that under the deal, India’s average tariff on British goods will fall from 15% to just 3%.
This FTA is part of India’s broader effort to deepen strategic trade ties while safeguarding national interests and expanding global market access for Indian goods and services.
