New Delhi, Oct 22: The Trade Promotion Council of India (TPCI) has signed a Memorandum of Understanding (MoU) with the UK-India Business Council (UKIBC) to deepen bilateral commercial ties following the entry into force of the India-UK Comprehensive Economic and Trade Agreement (CETA), it was announced on Thursday.
The MoU between TPCI and UKIBC establishes a framework for institutional business collaboration.
The partnership focuses on connecting businesses, facilitating trade missions, sharing market intelligence, and creating growth opportunities for Small and Medium Enterprises (SMEs) across both nations, according to a TPCI statement.
In tandem with the MoU signing, TPCI also organised a B2B matchmaking showcase in London featuring 48 Indian exporting companies and 150 UK-based importers.
The food and beverage sector represents a significant growth corridor under the new trade framework.
Notably, the UK currently imports $50.68 billion worth of processed food annually with India's share at 0.6 per cent ($309.5 million), presenting significant room for expansion.
Under CETA, UK tariffs of up to 70 per cent on processed foods, 4.2-8.5 per cent on shrimp, and duties on instant coffee have been eliminated.
Mohit Singla, Chairman, TPCI, said, “This MoU is a major milestone in taking India-UK trade engagement from policy to partnership. Following the entry into force of the India-UK CETA, both TPCI and UKIBC will be deeply engaged in bilateral trade development, ensuring that the post-FTA momentum translates into tangible outcomes.”
Singla further stated that with 99 per cent of Indian tariff lines now entering the UK duty-free, and peak tariffs of up to 70 per cent on processed foods eliminated under CETA, the landscape for Indian food exporters has transformed dramatically.”
Apart from that, the TPCI team also held meetings with the Department for Business, Innovation, Science and Trade (BIST), London Chamber of Commerce and Industry (LCCI) and the Scotch Whisky Association.
“Both sides discussed business support while boosting international trade to drive economic growth,” according to TPCI.
Moreover, bilateral trade between India and the UK reached 48 billion pounds ($65 billion) in FY2025-26.
After this, Indian food exporters are poised to scale exports, expand beyond the 1.86 million Indian diaspora market and establish supply chains across UK retail and food service sectors.
--IANS