Historic UK-India FTA Paves Way for Stronger Economic Ties
British Deputy High Commissioner Caroline Rowett Visits Bhuttico, Highlights UK-India Trade and Investment Ties
The Voice of Canada-The Voice of Chandigarh News
British Deputy High Commissioner, Caroline Rowett, visited the Bhuttico handloom cooperative in Kullu on Monday as part of her three-day visit to the Kullu-Manali region of Himachal Pradesh. She was accompanied by Rajinder S Nagarkoti, Political, Press and Projects Adviser for the UK Government.
During the visit, the UK delegation met Bhuttico’s management and interacted with artisans engaged in the creation of traditional Himachali handloom products.
Speaking on the textiles sector under the UK-India Free Trade Agreement (FTA), Rowett said, “UK businesses and consumers will also have increased access to tariff-free imports from India, with tariffs being eliminated on 99% of Indian goods which could provide better choice, quality and affordability of a wide range of Indian products such as frozen shrimp, apparel and textiles.”
India and the UK concluded negotiations for the FTA last month, marking a significant step in strengthening bilateral economic ties.
Rowett added, “The deal is expected to increase bilateral trade, worth £43 billion in year 2024, by £25.5 billion, UK GDP by £4.8 billion and wages by £2.2 billion each year in the long run.”
The UK-India investment relationship currently supports over 6,00,000 jobs across both countries. As of 2024, there are over 950 indian-owned companies in the UK and over 650 UK companies in India.
On the timeline for the deal’s implementation, she stated, “We will now go through the final steps to sign this treaty and bring this deal into force as quickly as possible, whilst allowing for the necessary scrutiny, so it can deliver growth across the country.”
As part of her Kullu-Manali visit, Ms. Rowett is also engaging with stakeholders from the tourism and hospitality sectors, including hoteliers, tour operators, and skiers, to explore collaboration opportunities.
In February, Rowett met with Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu, where she highlighted the UK’s growing investment interests in the state. These include an agro-industry project in Kullu and the establishment of an Indian operation by a Scottish distillery, underscoring the strengthening economic relationship between the UK and Himachal Pradesh.
