OYO Rooms founder and CEO Ritesh Agarwal hailed the India-UK FTA deal, stating that the agreement is likely to be a game-changer for startups, jobs, AI growth.
“The India- UK FTA is a major step forward— other industries travel, services and startups are going to see a major uplift. As one of the fastest growing investors in the UK with 220+ hotels in 65+ UK cities and £50m investment in premium expansion, it means more jobs (1,000+ planned), smarter AI innovation, and a stronger role in local communities,” the OYO founder said in a clip posted on Instagram.
The OYO rooms founder was among the eight other business tycoons, including Bharti Enterprises chairman Sunil Mittal, Vedanta Resources Chairman Anil Agarwal, others who attended the signing of the historic deal between India and the UK.
India-UK FTA deal
India and the UK, on Thursday, July 25, signed a landmark free trade agreement, aimed at boosting goods and services trade between the two countries. It was signed by Piyush Goyal and his British counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi and UK prime minister Keir Starmer.
How India benefits from the FTA
The FTA will cut tariffs on most products traded between India and the United Kingdom. According to an official release, the deal also specified that the average tariff on UK products will fall from the current 15% to just 3%.
Indian businesses will benefit from zero-duty access to the UK, including for exports of textiles, footwear, carpets, cars, and marine products, which currently face tariffs of 4-16%.
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