The signing of the India–UK Free Trade Agreement on 24th July 2025 marks a significant milestone in the economic ties between the two nations.
Hon’ble Prime Minister Shri Narendra Modi and UK Prime Minister Sir Keir Starmer signed the landmark India-UK Free Trade Agreement (FTA) on 24th July 2025 at Chequers, the official country residence of the British Prime Minister. Mr. Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), was present at the ceremony as part of a special 20-member business delegation led by Hon’ble PM to the UK.
The FTA is set to transform bilateral trade between the two nations, with nearly 99% of Indian exports gaining zero-duty access to the UK market. The pact is expected to significantly boost Indian gem exports across key sectors, especially plain gold and gemstone studded jewellery.
In 2024, India exported gems and jewellery worth $941 million to the UK, while imports from there stood at $2.7 billion, bringing bilateral trade in the sector to $3.6 billion. Under the FTA, this trade is projected to nearly double, with Indian gem & jewellery exports to the UK set to touch $2.5 billion and bilateral trade in the sector expected to hit $6 billion in two years’ time.
The elimination of import tariffs will enhance the global competitiveness of ‘Made in India’ gems and jewellery, creating fresh opportunities for manufacturers, MSMEs, and creating jobs for skilled artisans across the country.
Speaking at the FTA signing ceremony, Hon’ble Prime Minister Shri Narendra Modi said, “Today marks a historic milestone in India-UK relations. After years of negotiations, we have successfully concluded the Comprehensive Economic and Trade Agreement (CETA). This agreement does not merely pave way for economic partnership, it is a blueprint for our shared prosperity. It provides better market access for Indian textiles, footwear, gems and jewellery, and engineering goods in the UK market. It will prove especially beneficial for India’s youth, MSMEs, etc. People in both countries will benefit, with greater access to high-quality products at competitive prices. This deal will promote ease of doing business, reduce operational costs, and build greater confidence among businesses. Moreover, the UK stands to gain from India’s skilled talent pool. These agreements will not only boost investment but also create new jobs and deepen economic engagement between our two nations.”
Union Minister for Commerce and Industry, Mr. Piyush Goyal (pictured above with Mr. Kirit Bhansali, conveyed profound gratitude to Prime Minister Shri Narendra Modi for his visionary leadership and resolute commitment, which have been instrumental in achieving this historic agreement. He stated: “This CETA marks a milestone in the trade relations between two major economies, setting an ambitious and balanced framework. It unlocks tariff-free access on 99% of Indian exports to the UK, covering nearly 100% of trade value- including labour-intensive sectors advancing the ‘Make in India’ initiative and setting the stage for bilateral trade to double by 2030. It includes ambitious commitments in goods and services, covering various sectors, while enhancing mobility for Indian professionals by simplifying access for contractual service providers, business visitors, and independent professionals. The innovative Double Contribution Convention will exempt Indian workers and their employers from UK social security contributions for three years, boosting competitiveness and earnings. This FTA will serve as a catalyst for inclusive growth, benefiting farmers, artisans, workers, MSMEs, startups, and innovators while safeguarding India’s core interests and accelerating our journey towards becoming a global economic powerhouse.”
Commenting on the landmark agreement, Mr. Kirit Bhansali, Chairman, GJEPC said, “It was an immense privilege to witness the historic signing of the India–UK Free Trade Agreement — a transformative milestone under the visionary leadership of Hon’ble PM Shri Narendra Modi. This landmark accord unlocks exciting new opportunities for the gem and jewellery sector. Currently, exports to the UK stand at USD 941 million; with the duty concessions in place, this figure is poised to surge to USD 2.5 billion within the next three years, elevating overall bilateral trade in our sector to an estimated USD 7 billion.
“What is particularly encouraging is that recent FTAs—including this one—are being forged with key consumer markets across diverse sectors. The GJEPC has proactively collaborated with the Government to ensure that our industry receives the strategic focus and priority it truly deserves.
“It was both a matter of pride and honour to be part of the Prime Minister’s Indian business delegation and to present the book, ‘Gem of a Partnership’, to Hon’ble PM Shri Narendra Modi and UK PM Sir Keir Starmer. The book highlighted the immense potential of India-UK gem and jewellery trade. Additionally, it was a distinguished honour to showcase the exquisite ‘Indian Crafts Reimagined’ jewellery collection at the UK-India Reception. The collection beautifully represented iconic traditional arts such as filigree, Kashmiri architecture, Meenakari, enamelling, and Warli, embodying our Hon’ble PM’s inspiring ‘Design in India’ vision for the jewellery sector.”
GJEPC is actively working to support its members through this evolving trade landscape by hosting awareness sessions, webinars, and seminars led by international trade experts for ensuring that the industry maximises the long-term benefits of this India-UK partnership.