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The free trade agreement signed between India and the UK on Thursday marks a significant development in international trade, experts suggest. It is expected to bolster manufacturing, exports, and investment sectors in both countries.
According to Anil Talreja from Deloitte India, the pact offers opportunities to tailor partnerships in technology and services areas. The agreement promises streamlined market access for British exporters and advantageous entry for Indian manufacturers into the UK market, as explained by Shashi Mathews of CMS INDUSLAW.
This deal is anticipated to spark growth in India’s apparel exports, particularly by removing tariffs on Indian goods. Apparel exports are projected to double within three years. The agreement further supports India’s small and medium enterprises (SMEs) and aligns with ongoing trade negotiations with the EU.
(With inputs from agencies.)
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