India's recent trade agreements with the United Kingdom and the European Union could double market access for domestic firms, increasing it from one-sixth to nearly one-third of global GDP. This expansion is expected to enhance competitiveness, boost exports, and support economic growth, according to a World Bank report.

• 01India's free trade agreements (FTAs) with the UK and EU will increase preferential market access for domestic firms from one-sixth to nearly one-third of global GDP.
• 02Tariff reductions under these agreements are projected to lower import duties by about nine percentage points, improving manufacturing efficiency.
• 03The textiles and leather sectors are identified as major beneficiaries of reduced trade barriers, which could enhance their access to raw materials.
• 04Lower tariffs are expected to decrease consumer prices and increase real incomes, particularly benefiting rural households.
• 05Strengthened trade integration is crucial for job creation, with an estimated 280 million people entering the workforce in South Asia over the next decade.

The trade agreements are expected to enhance competitiveness for Indian manufacturers, reduce consumer prices, and improve purchasing power, particularly benefiting rural households.