Maharashtra Chief Minister Devendra Fadnavis announced that the India-United Kingdom Free Trade Agreement will create significant global trade, investment, and export prospects for the state. Fadnavis highlighted the importance of Maharashtra in India’s economic progress, aiming to reach a $1 trillion economy to support the nation’s development. The current bilateral trade between India and the UK amounts to $56 billion, with plans to double this by 2030.
The trade deal will lead to the reduction or removal of tariffs on most Indian exports to the UK and a large portion of UK imports into India. Fadnavis mentioned that regions like Pune, Nashik, Kolhapur, and Chhatrapati Sambhajinagar will directly access global markets. He emphasized that such agreements should be seen as tools for comprehensive economic transformation rather than just tariff reductions, benefiting various sectors like MSMEs, farmers, engineers, and young entrepreneurs.
Maharashtra, attracting 39% of India’s total Foreign Direct Investment, is undergoing significant infrastructure projects to enhance its global competitiveness. Projects like Atal Setu, Samruddhi Expressway, and Navi Mumbai International Airport are contributing to this growth. The state government is dedicated to simplifying export processes and ensuring a business-friendly environment, as mentioned by Fadnavis and State Protocol and Marketing Minister Jaykumar Rawal.
British Deputy High Commissioner Harjinder Kang commended Maharashtra’s industrial significance and highlighted the broader strategic cooperation between the UK and India in education, climate action, defense, and technology under the ‘UK-India Vision 2035’ framework. The event marking the trade agreement’s implementation featured the unveiling of symbolic cargo boxes, symbolizing the seamless flow of goods between the two nations.
