India-UK FTA Marks Shift Toward Bilateral Trade, Expands Market Access: Sitharaman

 Finance Minister Nirmala Sitharaman has described the Free Trade Agreement (FTA) between India and the United Kingdom, signed on May 6, as ushering in “a new era in bilateral trade” that will significantly broaden market access for Indian exporters and stimulate industrial innovation.





Speaking at the NEXT Milan Forum’s plenary session on Balancing Economic and Climate Resilience at Bocconi University, Sitharaman emphasized the growing importance of bilateral trade agreements in today’s global environment.

“This agreement will open greater market access for Indian exporters. It’s a boost for industries and innovation,” Sitharaman stated in a post on X (formerly Twitter). “While multilateral agreements were dominant for some time, today’s landscape favors countries forming their own bilateral arrangements.”

She pointed out that this shift is largely due to the declining effectiveness of multilateral frameworks amid rising protectionism worldwide.

The India-UK deal, finalized after several negotiation rounds, is expected to benefit nearly 99% of Indian exports to the UK by progressively reducing or eliminating tariffs.

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