Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises and Co-Chair of the India-UK CEO Forum, has lauded the recently signed Free Trade Agreement (FTA) between India and the United Kingdom, emphasizing its potential to deliver significant benefits to both nations. Mittal described the agreement, signed during Prime Minister Narendra Modi's visit to the UK, as a "historic moment" and a "win-win" situation, highlighting the strong complementarity between the two economies.

According to Mittal, such comprehensive trade deals are rare and not easily achieved. He believes this FTA establishes a modern, forward-looking partnership that will stimulate innovation, ease market access, and foster investment. Businesses in both India and the UK stand to gain tremendously, as the agreement lays the groundwork for scaling up bilateral cooperation across key growth sectors. The agreement is expected to double bilateral trade, potentially reaching $120 billion by 2030.

Mittal highlighted several specific advantages for India. The FTA provides access to specialized technologies from the UK, particularly in critical sectors such as defense, nuclear, space, and biosciences. This includes key areas like drones, missiles, and defense equipment, where India can benefit from UK partnership. Additionally, Indian tech companies will benefit from exemptions on social security contributions. The agreement also allows Indian firms to acquire UK companies. Furthermore, Mittal has reassured that the India-UK FTA does not compromise data protections, asserting that India has a 'clear position' on securing its data provisions in every way.

Conversely, the UK will gain immensely from India's robust manufacturing base, diverse talent pool, and expansive market, which will significantly enhance the viability and economic strength of British companies. Mittal advised UK businesses to actively explore the growing opportunities in India.

Industry leaders echoed Mittal's optimism, hailing the FTA as a "transformational milestone" for bilateral economic relations. They anticipate expanded exports, increased investment, and catalyzation of joint ventures across multiple growth sectors. The agreement is expected to reduce barriers in labor-intensive sectors like textiles, leather, gems and jewelry, and marine products. Gems and jewellery exporters, in particular, foresee significant upside, with the potential to nearly triple exports to the UK.

The FTA also includes a reciprocal social security agreement that will allow Indian professionals to continue contributing to Indian schemes while working in the UK for up to three years.

The agreement is expected to reduce tariffs on British whisky and cars, among other items. Chivas Brothers Chairman and CEO Jean-Etienne Gourgues said the agreement would be a "game changer" for Scotch whisky exports to India, supporting long-term investment and jobs in distilleries and bottling plants.

Mittal also noted that the India-UK deal could set a roadmap for future trade talks with the EU. He sees this agreement as a testament to India's growing stature as a trusted partner and innovation powerhouse in the global order.