The GJEPC’s persistent efforts to strengthen bilateral ties between the UK and the USA culminated in a landmark achievement with the signing of the historic India-UK Free Trade Agreement. This milestone marks a significant step forward, creating a favourable environment for the Indian gem and jewellery industry to expand in the UK.
Kirit Bhansali shares his experience as a part of the esteemed delegation headed by Piyush Goyal, Hon’ble Union Commerce & Industry Minister, Government of India, to visit the UK which culminated in the signing of FTA by Hon’ble PM Shri Narendra Modi.
By following the details of INDIA-UK FTA, the Bharat government said, (It’s) a historic and ambitious deal to boost jobs, exports and national growth. 99% Indian exports to benefit from zero duty.
Hon’ble Prime Minister of India Shri Narendra Modi and Hon’ble Prime Minister of the United Kingdom Sir Keir Starmer have announced the successful conclusion of a mutually beneficial India – UK Free Trade Agreement (FTA). This forward-looking Agreement is aligned with India’s vision of Viksit Bharat 2047 and complements the growth aspirations of both the countries.
The engagement builds upon the discussions held between the two Prime Ministers on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, in November 2024. Following the meeting between the two Prime Ministers, intense FTA negotiations resumed in February 2025 marked by several engagements between the Commerce and Industry Minister Shri Piyush Goyal and the U.K. Secretary of State Mr. Jonathan Reynolds and their teams.
Prime Minister Shri Narendra Modi stated in his social media post on X (formerly twitter) “In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention. These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies.”
The Union Minister for Commerce and Industry Piyush Goyal thanked the Prime Minister for his guidance and encouragement which made the trade deal possible, and under whose visionary leadership India is looked upon as Vishwa Mitra – Trusted Partner of the world.
Goyal stated “This Agreement sets a new benchmark for equitable and ambitious trade between two large economies. It will benefit Indian farmers, fishermen, workers, MSMEs, startups and innovators. It brings us closer to our goal of becoming a global economic powerhouse. This FTA is not only about goods and services, but also about people, possibilities and prosperity. It protects our core interests while opening doors to India’s greater participation in global value chains”.
The FTA takes place in the backdrop of growing economic relations between India and the UK as exemplified in the bilateral trade of about USD 60 billion which is projected to double by 2030.
Key Highlights of the India-UK FTA: The FTA with the UK is a modern, comprehensive and landmark agreement which seeks to achieve deep economic integration along with trade liberalisation and tariff concessions.
The FTA ensures comprehensive market access for goods, across all sectors, covering all of India’s export interests. India will gain from tariff elimination on about 99% of the tariff lines covering almost 100% of the trade value offering huge opportunities for increase in the bilateral trade between India and the UK.
The FTA provides positive impact on manufacturing across labour and technology intensive sectors and opens up export opportunities for sectors including gems and jewellery! This will substantially improve Indian goods competitiveness in the UK vis-a-vis other countries. The FTA will have significant positive gains for employment in India.
Immense opportunities for talented and skilled Indian youth will open up in the UK which is a major global centre for digitally delivered services due to its strong financial and professional services sectors and advanced digital infrastructure.
The FTA seeks to promote good regulatory practices and enhance transparency that are in sync with India’s own focus on domestic reforms to enhance the ease of doing business.
As two leading democracies and global innovation hubs, India and the UK reaffirm their commitment to strengthening economic cooperation and working together to address global challenges. The India-UK FTA sets a new benchmark for fair, ambitious, and modern trade agreements worldwide.
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Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
