India, UK trade pact provides huge opportunities for domestic brands, SMEs: Komerz

New Delhi, Sep 25 (PTI) The India-UK free trade agreement has opened huge opportunities for domestic brands and SMEs in various sectors, such as consumer goods and retail in the British market, Komerz Ltd said on Thursday.

The company is a global distributor specialising in omni-channel commerce solutions.

"I believe this agreement will dramatically simplify how companies trade, expand, and access capital," Komerz Ltd COO Siddharth Shankar said.

The trade agreement between the two countries was signed on July 24. It is likely to be implemented from next year.

He also said the agreement marks a significant milestone in bilateral relations, aiming to double trade to USD 120 billion by 2030.

"This agreement not only enhances market access but also fosters deeper economic integration, encouraging joint ventures and innovation. In a global landscape marked by shifting trade dynamics, the FTA underscores the importance of strategic partnerships in driving sustainable growth and shared prosperity," he said.

Shankar added that for Indian SMEs, especially in sectors like consumer goods, textiles, and light manufacturing, the reduction in tariffs and simplification of trade processes will improve market access to the UK.

It provides these businesses the ability to compete on a global stage, not just on cost but on quality and innovation, he said, adding that with India's vibrant D2C (Direct-to-Consumer) and retail ecosystem, this kind of access can be transformative.

"For brands and SMEs, especially in sectors like consumer goods, retail, and supply chain, it opens doors to faster market entry, improved trade terms, and greater cross-border collaboration," he noted.

On the UK side, he said small and medium enterprises will gain easier access to India's massive and fast-growing consumer base, particularly in food and beverages, wellness, personal care, and tech-enabled services.

"Lower duties and streamlined regulation mean more agility, faster market entry, and better margins for British brands expanding into India," he said. PTI RR RR BAL BAL