An update on Free Trade Agreements
While international trade continues to feel turbulent and, at times, unpredictable, one area where exporters can find real certainty, and opportunity, is through Free Trade Agreements (FTAs).
The UK is set to add another agreement to its portfolio with the upcoming UK-India trade deal, opening up new possibilities for UK exporters.
At the BCC Driving International Trade Conference in March, the UK-India agreement was a key talking point. His Excellency Vikram Doraiswami (previously High Commissioner of India to the UK), alongside other experts, shared valuable insights:
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Lower costs, growing markets
Exporters in sectors such as food and drink could benefit from significantly reduced tariffs. For example, tariffs on Scotch whisky exports are expected to fall from 150% to 75%, where goods qualify under preferential origin rules.
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A diverse and expanding market
India is the world’s most populous country, with a rapidly growing and increasingly consumer-driven market. With 28 states - each with its own languages, cultures and regulations - there are wide-ranging opportunities for UK exporters across sectors including technology, machinery, dairy, seafood and textiles.
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Simplifying origin and documentation
One of the longstanding challenges in exporting is the need for multiple checks across the supply chain. Tools such as Genesis can help streamline this process, allowing exporters to validate their preferential origin statements on commercial invoices, providing greater confidence from the outset. (link)
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Be prepared to register
Exporters planning to make origin declarations under the UK-India FTA will need to register with HMRC
Free Trade Agreements offer a practical way to reduce costs and stay competitive, even in a changing global landscape.
If you’d like support navigating the UK-India agreement or understanding how your goods could benefit, contact our team to find out more about our FTA Utilisation Service.