India and the United Kingdom on Thursday signed the India-UK Comprehensive Economic and Trade Agreement (CETA). Union Minister Piyush Goyal said that artisans, weavers, and daily-wage labourers employed in several MSMEs will step into a new phase of prosperity.
As the news of the trade deal comes up, India’s traditional craft beverages, including Goa’s feni, Nashik’s artisanal wines, and Kerala’s toddy, are looking to gain recognition in the UK, PTI reported.
In a post on ‘X’, Piyush Goyal said, “The India-UK FTA will open doors to UK customers, investors, and innovation hubs for our Startups, helping them expand their global footprint.”
“This deal is a win-win for ‘Make In India’ and ‘Vocal For Local’, driving job creation, empowering communities, and reinforcing India’s strategic trade leadership, “he added.
The FTA will not only help place traditional Indian craft beverages on the shelf space in the UK, along with Scotch Whisky and others, but also help explore niche channels such as hospitality, PTI reported, quoting a Commerce & Industry ministry official.
The trade between India and the UK was $20.36 billion in 2022-23, which expanded to $21.34 billion in 2023-24.
Lauding the deal, Piyush Goyal said that it is a win-win for ‘Make in India’ and ‘Vocal for Local’, driving job creation, empowering communities, and reinforcing India’s strategic trade leadership. It ushers in a new era of economic cooperation, reinvigorating our bilateral trade ties.
Highlighting the advantage of the deal, Union Minister said, “Duty-free access for about 99% of Indian exports unlocks nearly $23 billion in opportunities for labour-intensive sectors, marking a new era for inclusive and gender-equitable growth.”
