PANAJI: The Goa Chamber of Commerce and Industry (GCCI) has welcomed the recently concluded India-UK Free Trade Agreement (FTA), highlighting its potential to open up new trade and investment opportunities with tangible benefits for Goa.
In a statement released by the chamber, the FTA was described as a significant step forward in strengthening bilateral economic ties. The chamber noted that the agreement is likely to have a positive impact on key sectors in the state, including tourism, marine exports, textiles, footwear, and IT services.
“With enhanced travel between the two countries, Goa’s tourism industry stands to benefit from increased footfall,” the statement said. The chamber also pointed to the recognition of Goa’s traditional spirit, feni, which will now enjoy Geographical Indication (GI) protection in the UK. “This could pave the way for premium placement in UK retail and hospitality chains,” the statement noted, calling it a boost for the government’s ongoing push to promote Indian craft beverages internationally.
The GCCI stated that the FTA would also support Goa’s fisheries sector by facilitating duty-free exports of marine products, while Goan businesses engaged in textiles and footwear manufacturing could benefit from enhanced market access and competitiveness in the UK.
On the services front, the statement highlighted relaxed visa norms and exemptions from UK social security contributions for Indian professionals, including those from Goa’s IT and services sector.
The chamber also stated that the India-UK FTA is likely to boost Goa’s pharmaceutical sector, along with other industries. It noted that the agreement offers zero-duty access to the UK market for nearly 99% of Indian exports, including pharmaceutical products. This, the chamber said, could lead to a rise in pharma exports to the UK, which currently stand at under $1 billion, even as the UK imports nearly $30 billion worth of pharma goods annually.
The statement added that the FTA is expected to unlock new export opportunities for India’s pharmaceutical sector and strengthen investor confidence. With the elimination of tariffs on generic drugs and medical devices, the chamber noted, Indian companies could become more competitive in the UK market. “This could translate into greater market share and stronger trade partnerships,” it said.
The chamber further said that the FTA would benefit Contract Development and Manufacturing Organisation (CDMO) services and bulk drug exports, providing relief to generic drug manufacturers who operate on tight margins.
In the publication, GCCI Director General Sanjay Amonkar noted that Chamber President Pratima Dhond sees the agreement as a “game-changer” for the state. “We are delighted to see the India-UK FTA take shape. This agreement is a testament to the strong bilateral ties between our two nations and will undoubtedly benefit our state in numerous ways,” Dhond was quoted as saying in the statement.
The chamber added that it looks forward to working closely with the government and industry stakeholders to help Goan businesses make the most of the opportunities the agreement presents.
