India-UK trade pact to create new opportunities for Maharashtra, says CM Fadnavis
&imwidth=600&imheight=450&format=webp&quality=medium "India-UK trade pact to create new opportunities for Maharashtra, says CM Fadnavis")
Maharashtra Chief Minister Devendra Fadnavis Photograph: (ANI)
Maharashtra Deputy Chief Minister Devendra Fadnavis stated the newly implemented India-UK FTA will boost the state’s economy, benefiting exporters, MSMEs, and farmers by reducing tariffs and attracting foreign investment.
Maharashtra Chief Minister Devendra Fadnavis has said the India-UK Free Trade Agreement (FTA), which came into force on July 15, is expected to create fresh opportunities for the state's exporters, farmers, micro, small and medium enterprises (MSMEs) and investors. In a statement issued on Wednesday, Fadnavis said the agreement would help Maharashtra strengthen its position as one of India's leading manufacturing and export hubs by improving access to the UK market.
The Chief Minister said the trade pact is expected to benefit export-oriented industries across the state by reducing trade barriers and opening new markets for businesses. He added that farmers and entrepreneurs could also gain from improved market access, while MSMEs would have greater opportunities to expand their international presence.
Also read: Mystery over Bhopal's Nishatpura station: ₹6 crore facility lies deserted years after completion
Fadnavis said Maharashtra intends to leverage the agreement to attract more foreign investment and reinforce its role as a preferred destination for global businesses. Congratulating Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, he described the implementation of the agreement as a significant step in strengthening economic ties between the two countries.
The India-UK Comprehensive Economic and Trade Agreement (CETA) officially came into effect after both countries completed the necessary ratification process. The deal is expected to increase bilateral trade by lowering tariffs, improving market access and enhancing cooperation in goods, services and investment.
For Maharashtra, the agreement is particularly significant because of the state's strong presence in several export-driven sectors. Industries such as engineering goods, pharmaceuticals, textiles and apparel, gems and jewellery, food processing, agricultural products and information technology are expected to benefit from easier access to the UK market.
Trending Stories
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
&im=FitAndFill=(700,400))
)
&im=FitAndFill=(700,400))
)
)
)
)
&im=FitAndFill=(700,400))
Under the agreement, the United Kingdom has removed tariffs on most Indian exports from the date the pact came into force, making a wide range of Indian products more competitive in the British market. India, meanwhile, will reduce tariffs on selected UK goods in phases over a defined period.
Maharashtra is India's largest state economy and contributes significantly to the country's industrial output and exports. Officials believe the agreement could help businesses diversify their export markets, attract new investments and generate employment as companies seek to expand trade with the UK.
