The Indian government on Friday said that only 24.5 percent of the UK’s export value under the Free Trade Agreement (FTA) will enjoy immediate duty free market access to the Indian market.
The commerce ministry on July 25 said that all zero-duty concessions granted to Indian exports will be in effect from day one of the agreement.
Commerce Secretary Sunil Barthwal said talks are ongoing with the European Union and the United States over FTAs.
He said that tariff concessions have been provided by India over periods of 5,7 or even 10 years for strategically important sectors especially under the production-linked schemes
He also mentioned that India has secured market access to the tune of four times of its concessions given to UK on electric vehicles and zero-duty access for Indian textile & apparels in UK will give India competitive edge versus China, Bangladesh, Vietnam, Cambodia in ready-made garments.
