Boost in India's Chemical Exports to the UK with New FTA

India's chemical exports to the UK are projected to rise to USD 650-750 million in the upcoming fiscal year due to duty concessions in the free trade agreement, which reduces tariffs to zero. This represents a 30-40% increase from current levels, marking a significant growth opportunity.

India's chemical exports to the United Kingdom are poised for a significant boost, with figures expected to reach USD 650-750 million in the upcoming fiscal year. This optimistic projection follows the implementation of a free trade agreement (FTA) that reduces tariffs to zero, down from previous rates of up to 8%.

The current value of India's chemical exports to the UK stands at USD 570.32 million, accounting for roughly 2% of the nation's global chemical exports. With the FTA, a 30-40% increase in exports is anticipated, signifying a new phase of growth for India's chemical industry in the UK market.

On a broader scale, India exports over USD 40.52 billion worth of chemicals and allied products globally, compared to the UK's total chemical imports of USD 35.11 billion, highlighting the substantial scope for expansion in bilateral trade.

(With inputs from agencies.)