India-UK FTA Expected To Boost Goa’s Pharmaceutical, Tourism, And Feni Industries: GCCI

Panaji, Jul 28 (KNN) The Goa Chamber of Commerce and Industry (GCCI) announced Saturday that the recently signed India-UK free trade agreement will deliver substantial benefits to the state’s pharmaceutical companies, tourism sector, and feni producers.

GCCI President Pratima Dhond stated that the bilateral trade agreement is positioned to provide essential economic stimulus to Goa’s key industries.

Under the terms of the free trade agreement, nearly 99 percent of Indian exports, including pharmaceuticals, will receive zero-duty access to the UK market.

This development presents significant opportunities for India’s pharmaceutical sector, which currently exports less than USD 1 billion worth of medicines to the UK despite the British market importing approximately USD 30 billion in medicines and medical devices annually.

Goa, which ranks sixth nationally in pharmaceutical exports with a 5.6 percent market share, is expected to capitalise on these expanded market access provisions.

The agreement is anticipated to generate increased bilateral travel and investment flows between India and the UK, creating favourable conditions for Goa’s tourism industry.

Enhanced connectivity and business relationships between the two nations could translate into higher visitor numbers and expanded tourism-related economic activity in the coastal state.

Goa’s feni industry stands to gain particular recognition in the British market through geographical indication protection measures included in the agreement.

This designation will create new export pathways for the traditional Goan spirit and aligns with the Indian government’s broader initiative to promote domestic alcoholic beverages in international markets.

Additional sectors positioned to benefit from the trade agreement include marine products, textiles, and information technology services.

The UK currently imports marine products worth USD 5.4 billion annually, including prawns, tuna, mackerel, sardines, squid, crab, and pomfret.

India’s present 2.3 percent share of UK marine imports is projected to double following implementation of the free trade agreement, potentially creating export-driven employment opportunities across India’s coastal states.

The agreement also includes provisions for Indian professionals, including those from Goa, to access the UK market through streamlined visa procedures and exemptions from UK social security contributions.

These measures are designed to facilitate greater movement of skilled workers and enhance bilateral professional exchanges between the two countries.

(KNN Bureau)

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