New Delhi, July 15: The first export shipment under the Free Trade Agreement (FTA) between India and the United Kingdom (UK) was flagged off on Wednesday from the Flometallic unit of Brakes India Private Limited located in the Jhagadia GIDC of Bharuch district. The event was attended by IAS officer Anupam Kumar (DGFT), Bharuch MP Mansukhbhai Vasava, and other local leaders.
The shipment to the UK consists of 13,200 iron castings of brake components prepared for Renault, weighing a total of 25,656 kilograms and valued at 39,020 euros.
Mansukhbhai Vasava stated that Prime Minister Modi is advancing towards the goal of making India a ‘developed nation.’ He highlighted that numerous components related to vehicle braking systems produced at Brakes India Private Limited are being exported to the UK as part of this initiative.
IAS officer Anupam Kumar noted that the vision of a ‘developed India’ as envisioned by Prime Minister Modi is coming to fruition today with the implementation of the India-UK FTA. This agreement will significantly benefit valuable Indian products such as textiles, garments, jewelry, engineering goods, machine parts, and pharmaceutical products, which will be duty-free in the UK.
Kumar referred to the UK agreement as a ‘model agreement,’ indicating that it laid the groundwork for the India-EU agreement, which is expected to be implemented next year. He emphasized the importance of signing FTAs with developed nations to ensure that Indian products can be sold at competitive prices, benefiting Indian entrepreneurs across various sectors, including pharmaceuticals and petrochemicals.
He added that the global supply chain is opening up significant market opportunities for manufacturers of components and raw materials, making the India-UK FTA a crucial part of this expansion. Kumar also mentioned that prior agreements with the UAE, Australia, and Oman have already started benefiting Indian entrepreneurs.
Deependra Singh Chundawat is a Senior Sub-Editor at Udaipur Kiran, specializing in a wide range of technology topics including mobile phones, applications, gaming, PCs, and wearables. Along with covering the latest tech news, he also creates engaging web stories. Passionate about emerging technologies, he stays up to date with the newest trends and enjoys reading and writing about the latest mobile launches and digital innovations.