India Secures Dairy and Rice in Landmark Trade Deal with UK
Sourse: dairynews.today
India's new trade agreement with the UK protects sensitive sectors like dairy, rice, and sugar, ensuring no compromise on farmer livelihoods, says Commerce Minister Piyush Goyal.
India has recently inked a historic Free Trade Agreement (FTA) with the United Kingdom, achieving a significant victory for its agricultural sector. According to India’s Commerce and Industry Minister, Piyush Goyal, the agreement is designed to protect the nation's sensitive domestic sectors, including dairy, rice, and sugar. This strategic protection highlights India's dedication to safeguarding the livelihoods of its farmers by blocking increased competition from UK imports, a crucial factor for sustaining Indian agribusiness. Minister Goyal emphasized the agreement's alignment with 'India’s terms,' reflecting a 'zero compromise' stance on areas vital for national interests. This maneuver is essential for the dairy sector, which plays a pivotal role in rural economies.
In addition to shielding vulnerable industries, the FTA is set to boost Indian exports dramatically. It will notably benefit labor-intensive sectors such as footwear, textiles, and gems, which stand to gain from tariff concessions and enhanced market access in the UK. Additionally, the agreement facilitates wider economic ties by granting 99% of Indian exports preferential access to UK markets, including duty-free entry. Notably, provisions like the Double Contribution Convention will benefit Indian professionals in the UK by optimizing social security contributions.' For the global dairy community and trade policy analysts, this agreement is a profound example of India’s balanced approach to enhancing global trade ties while insulating its vital agricultural sectors.
In addition to shielding vulnerable industries, the FTA is set to boost Indian exports dramatically. It will notably benefit labor-intensive sectors such as footwear, textiles, and gems, which stand to gain from tariff concessions and enhanced market access in the UK. Additionally, the agreement facilitates wider economic ties by granting 99% of Indian exports preferential access to UK markets, including duty-free entry. Notably, provisions like the Double Contribution Convention will benefit Indian professionals in the UK by optimizing social security contributions.' For the global dairy community and trade policy analysts, this agreement is a profound example of India’s balanced approach to enhancing global trade ties while insulating its vital agricultural sectors.
