India and the United Kingdom signed a Free Trade Agreement (FTA) on May 6, aimed at reducing tariffs and improving market access across a range of sectors, including leather and footwear.
Under the deal, Indian exports will benefit from the elimination of duties on around 99% of tariff lines, covering almost the entire trade value.
According to India’s Ministry of Commerce, labour- and technology-intensive sectors, including leather and footwear, are among those likely to see the greatest advantage.
The UK government said Indian tariffs will also be slashed under the agreement, with 85% of UK products becoming fully tariff-free in India within ten years. While high-profile exports such as whisky and automobiles have attracted headlines, reduced tariffs are also expected to make trade easier for a wide range of goods.
India has also stated that the agreement addresses non-tariff barriers to help ensure a smoother flow of exports.
The FTA is forecast to increase bilateral trade by £25.5 billion and has been described by both governments as a key step forward in strengthening economic ties between the two countries.
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