India and the United Kingdom have signed a historic free trade agreement, and it is expected to be a game changer for the leather and footwear industry.
The agreement gives Indian products duty-free access to the UK’s $23 billion market. This move is likely to benefit Indian micro, small and medium enterprises more than competitors from countries like Bangladesh, Cambodia and Pakistan.
According to ANI and Livemint, India’s leather and footwear exports to the UK could go beyond $900 million. This will open new doors for small artisans, craftsmen, and women entrepreneurs involved in the sector.
“This is a huge opportunity for micro and small entrepreneurs to reach new international buyers, expand operations, and compete on a level playing field with countries like Bangladesh and Vietnam.”
Dr. N. Mohan, Member, CII Taskforce on Leather and Footwear
Hubs like Tirupur and Kanpur, known for skilled labour in leather and textiles, may see a rise in demand for workers. This could create new jobs and strengthen local economies.
As exports grow, private companies are expected to increase production and hire more people. This may lead to better income and stronger communities.
India is now in a strong position to become one of the top three suppliers of leather, footwear and textiles to the UK. Businesses in various states could expand operations and take part in global value chains.
Related News – India UK CETA Deal Set to Boost Indian Leather and Footwear Exports
