Starting a business in the UK is already a smart move, but with the potential for a free trade agreement (FTA) between the UK and India, it’s an even better time to take the leap. Negotiations for the FTA have been ongoing since 2018, and while it has not yet been finalized as of March 2023, there is a lot of optimism surrounding the potential deal.
The proposed FTA between India and the UK aims to reduce trade barriers and increase trade between the two countries. This could be a major boon for entrepreneurs and small business owners looking to expand their customer base and tap into new markets. Here are some key areas that the FTA is expected to cover:
- Services and Investments
The FTA is expected to cover services and investments, which could be particularly beneficial for businesses in the tech and financial sectors. With reduced barriers to entry, businesses in these industries could find it easier to set up shop in either country, which could lead to increased competition and innovation.
- Tariff Reductions
The FTA is also expected to include tariff reductions on a range of products, including automobiles, textiles, and agricultural products. This could help UK businesses that import goods from India, as well as Indian businesses that export to the UK.
- Intellectual Property Protection
The FTA is expected to include provisions for intellectual property protection, which could be particularly beneficial for businesses in the creative industries. With stronger IP protection, businesses could be more confident in investing in new products and services, knowing that their intellectual property will be safeguarded.
Overall, the potential FTA between India and the UK could be a game-changer for entrepreneurs and small business owners looking to expand their horizons. While the deal has not yet been finalized, it’s worth keeping an eye on developments and considering how it could impact your business.