India sees room to grow processed food exports to the UK under trade pact

India accounts for 0.6% of the United Kingdom’s annual processed food imports, a market valued at USD 50.68 billion, and the Trade Promotion Council of India says Indian exporters have substantial scope to expand their share. The industry body places India’s current sales at USD 309.5 million and links the opportunity to the India-UK Comprehensive Economic and Trade Agreement.

India and the UK implemented the agreement on July 15. The Economic Times reports that the pact removes tariffs on processed foods, shrimp and instant coffee. That tariff detail is not included in the account from english.revoi.in, which instead describes the agreement as supporting stronger bilateral trade and investment ties.

The trade opportunity was also the focus of a London event on October 15. TPCI and the UK India Business Council organised the India-UK Trade Promotion Event on Food and Beverages, bringing together 48 Indian exporting companies and 150 UK-based importers to explore business opportunities and build trade partnerships, according to english.revoi.in.

The two accounts give different emphasis to the opportunity. The Economic Times foregrounds the small Indian share of the UK import market and the tariff changes. English.revoi.in adds details of the business gathering, including its date, venue and attendance, while also reporting the 0.6% share and USD 50.68 billion market value.

TPCI Chairman Mohit Singla said the UK market offered room for Indian processed food exports to grow. Singla also said TPCI and UKIBC would engage in bilateral trade development following the agreement’s entry into force. The sources describe the council’s view and planned engagement; they do not report a resulting change in export sales.

The reported figures give exporters a measure of the market opportunity: India’s USD 309.5 million share sits within annual UK processed food imports valued at USD 50.68 billion.

The agreement’s tariff provisions, as reported by The Economic Times, and the importer-exporter contacts described by english.revoi.in are the two concrete mechanisms identified in the coverage for pursuing trade growth.

The next reported step is the work TPCI and UKIBC said they would undertake to develop bilateral trade, alongside the business connections formed at the London event. No sales target or forecast is stated in the accounts.