PM Narendra Modi`s visit to UK, Maldives will boost Indian exports: FIEO
The Federation of Indian Export Organizations (FIEO) said on Wednesday that Prime Minister Narendra Modi's visit to the United Kingdom and the Maldives will boost Indian exports and promote regional stability in the Indian Ocean region.
FIEO President SC Ralhan said that this visit comes at a pivotal moment of Comprehensive Free Trade Agreement (FTA) negotiations reaching the final stages.
“We hope that high-level discussions will foster greater consensus on trade facilitation measures and achieve our shared objective of doubling bilateral trade by 2030." Further, the visits underscore India’s growing stature as a key player in the international economic arena,” he added.
PM Modi’s visit to the UK is expected to inject fresh momentum into the India–UK Comprehensive Strategic Partnership (CSP) covering trade, technology, innovation, defence, climate change, and other key sectors.
Ralhan hopes that FTA will boost exports in multiple Indian industries, including textiles, apparel, leather, gems and jewellery, pharmaceuticals, marine and engineering goods. "The agreement is likely to eliminate tariffs on Indian garments and textiles, enhancing their competitiveness in the UK market," he said.
Further, it may streamline regulatory approvals for Indian pharmaceutical products in the UK and open up new opportunities for Indian IT, business services and professional services firms.
Later, PM Modi will visit the Maldives from July 25 to 26, as the guest of honour in its independence anniversary. PM Modi will discuss with his Maldivian counterpart the India–Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership that encompasses infrastructure, tourism, fisheries, connectivity, and maritime security. This visit reflects India's commitment to the 'Neighbourhood First' policy and Vision MAHASAGAR's maritime goal, the FIEO president said.
He stressed that the Maldives is crucial to the Indian Ocean region. Closer economic and maritime cooperation with Maldives will foster mutual growth, promote regional stability, and open new opportunities for Indian exporters, particularly SMEs related to tourism and sustainable development, he added.
PM Modi on Wednesday embarked on a two-nation visit to the UK and Maldives, hoping to solidify bilateral relations and expressing confidence that the visit will yield tangible outcomes.
