Domestic mineral industry set to benefit from India-UK trade pact

New Delhi:  The India-UK Comprehensive Economic and Trade Agreement (CETA) is set to benefit the domestic mineral sector, according to the Ministry of Mines.

V.L. Kantha Rao, Secretary (Mines), highlighted the opportunities for the Indian mineral sector, particularly the aluminium industry, in terms of enhanced market access and competitiveness in the FTA partner country.

Towards making good use of the CETA provisions, he emphasised the need to understand product demand in UK through roadshows. He also cited opportunities in R&D collaboration between the two countries.

The Ministry of Mines organised a webinar with the objective of bringing together Indian mineral industry to discuss potential benefits and opportunities arising from India-UK CETA.

It was attended by senior officials from the Ministry of Mines and its organisations; Minister (Economic), High Commission of India (HCI), London, UK; and industry leaders and representatives of several industry associations like Federation of Indian Mineral Industries (FIMI), Aluminium Association of India (AAI), Aluminium Secondary Manufacturers Association (ASMA) and Material Recycling Association of India (MRAI) and notified private exploration agencies.

BP Singh, CMD of NALCO; Rajesh Kumar, CEO of BALCO; B.K. Bhatia, DG FIMI and other industry leaders from Hindalco, ASMA and MRAI welcomed the trade pact and highlighted ways and means by which Indian mineral industry, especially the aluminium primary and secondary sector, can gain market momentum in the UK.

Dr Anupam Agnihotri, Director, JNARDDC shared insights on how institutional cooperation in R&D can be taken forward.

Over 230 participants from across the industry joined the webinar.

As part of the India-UK deal, India will cut tariffs on 90 per cent of British products, while the UK will reduce duties on 99 per cent of Indian exports. This substantial easing of tariff lines and regulatory barriers across sectors aims to enhance market access and reduce costs for businesses on both sides.

For Indian consumers, the deal will bring down prices on imported goods such as Scotch whisky, gin, luxury cars, cosmetics, and medical devices. Indian exporters, especially in textiles and leather, stand to gain from zero duties, improving their competitiveness against nations like Bangladesh and Cambodia. The agreement also ensures Indian agricultural exports receive tariff parity with major European exporters, such as Germany, a move expected to significantly benefit Indian farmers.

—IANS