The India-UK CEO Forum eye to double exim

 

Kirit Bhansali, joins the Forum to unlock opportunities  

The India–UK CEOs Forum, held in Mumbai on October 8–9, brought together leading business figures from both countries to discuss opportunities arising from the newly signed India–UK Comprehensive Economic & Trade Agreement (CETA). The agreement, concluded in May this year, is expected to transform bilateral commerce by eliminating tariffs on 99% of Indian exports to the UK and 90% of UK exports to India.  

Among the key participants was Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), who represented India’s gem and jewellery industry. Speaking on the theme “Leveraging the India–UK CETA to Achieve Growth and Jobs,” Bhansali joined other top Indian leaders, including Uday Kotak, Karan Rathore, Dilip Shanghvi, Naren Goenka, Anil Agarwal, Harish Ahuja, Bhadresh Dodhia, and Namit Joshi.  

The high-level forum was co-chaired by Sunil Bharti Mittal, Founder & Chairman, Bharti Enterprises, and Bill Winters, Group Chief Executive, Standard Chartered. Senior government officials were also present, with Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), addressing the opening session.

Prime Minister Shri Narendra Modi reaffirmed the well set target for exim. In the address, he said to India-UK CEOs that, “Today, our bilateral trade stands at around 56 billion dollars. We have set a goal to double it by 2030, and I am confident that we can achieve this target ahead of time.”  

In the context to double the exim, Kirit Bhansali, Chairman-GJEPC also calculated that, in 2024, India exported gem and jewellery (GJ) worth US$ 941 million to the UK, while imports from there stood at $2.7 billion, bringing bilateral trade in the sector to UK$ 3.6 billion. Under the FTA, this trade is projected to nearly double, with Indian gem & jewellery exports to the UK set to touch UK$ 2.5 billion and bilateral trade in the sector expected to hit US$ 07 billion in two years’ time. With over £30 billion in mutual investments already in place, the partnership is projected by India-UK to add $34 billion in annual trade by 2040.  

According to the detailed by GJEPC, highlighting the resilience of the gem and jewellery sector, Bhansali noted that India’s exports rose 3% to USD 11 billion between April and August 2025 despite global headwinds. He credited recent FTAs with the UAE, Australia, and EFTA for boosting the industry’s competitiveness.  

Calling the India–UK pact, another milestone, Bhansali projected that gem and jewellery exports to the UK would more than double—from USD 1 billion to USD 2.5 billion in the next three years—creating around 1.4 lakh new jobs across the industry.

Bhansali emphasised that with tariff barriers dismantled, the UK market presents significant opportunities not only in exports but also in areas such as design collaboration and technology-driven value addition. The CETA, he added, would solidify India’s position as a global leader in gems and jewellery while deepening economic ties with the UK.  

The forum’s discussions underlined the transformative potential of CETA in boosting trade flows, creating employment, and enhancing competitiveness across multiple sectors, making it a pivotal moment in the evolving India–UK economic partnership.  

It is interesting to re-brush & re fresh the significance of the CETA- FTA between India & UK. 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.