India Has Significant Scope to Expand Processed Food Exports to UK Under Trade Pact: TPCI
India has significant potential to expand its processed food exports to the United Kingdom following the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA), the Trade...
India has significant potential to expand its processed food exports to the United Kingdom following the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA), the Trade Promotion Council of India (TPCI) said on Thursday.
India currently accounts for just 0.6 per cent, or USD 309.5 million, of the UK’s annual processed food imports worth USD 50.68 billion, highlighting substantial opportunities for Indian exporters, according to the industry body.
India and the UK implemented the trade agreement on July 15 to strengthen bilateral trade and investment ties. Under the pact, UK tariffs of up to 70 per cent on processed food products, 4.2 to 8.5 per cent on shrimp, and duties on instant coffee have been eliminated, providing Indian producers with improved access to the British market.
To strengthen cooperation in the food processing sector, TPCI has signed a memorandum of understanding (MoU) with the UK-India Business Council (UKIBC).
The agreement establishes a framework for institutional collaboration between businesses in the two countries, with a focus on facilitating trade missions, sharing market intelligence, connecting businesses and creating growth opportunities for small and medium enterprises (SMEs).
TPCI Chairman Mohit Singla said the food and beverage sector offered significant growth opportunities under the new trade framework. He added that both organisations would work to translate the momentum following the implementation of CETA into tangible trade outcomes.
As part of these efforts, TPCI and UKIBC organised the India-UK Trade Promotion Event on Food and Beverages in London on October 15. The event brought together 48 Indian exporting companies and 150 UK-based importers to explore business opportunities and strengthen trade partnerships.
-PTI
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