India-UK FTA to Boost Chemical Exports

New Delhi, Jul 24 (PTI) India's chemical exports to the UK is likely to increase to USD 650-750 million this fiscal year with the help of duty concessions provided in the free trade agreement (FTA), a senior commerce ministry official said.

The duties on chemical products will be zero now, from up to 8 per cent earlier.


"While current chemical exports to the UK stand at USD 570.32 million (about 2 per cent of India's global chemical exports), the FTA is set to unleash a new era of growth.

"The FTA is anticipated to trigger a dramatic 30-40 per cent increase in India's chemical exports to the UK, propelling figures to an estimated USD 650-750 million in the upcoming fiscal year 2025-26," the official said.

In chemicals and allied products, India exports over USD 40.52 billion globally, against the UK's imports of USD 35.11 billion.