Daijiworld Media Network - Panaji

Panaji, Jul 26: The Goa Chamber of Commerce and Industry (GCCI) has hailed the recently signed India-UK Free Trade Agreement (FTA) as a transformative step for Goa’s economy, saying it opens new doors for trade, investment, and global market access across key sectors.

In a statement issued Saturday, the chamber emphasized that the FTA will positively impact Goa’s tourism, fisheries, textiles, IT services, and pharmaceutical industries. The agreement, aimed at enhancing bilateral economic cooperation, is seen as a major opportunity for Goa to deepen its global economic footprint.

“With smoother travel and relaxed visa norms, Goa’s tourism industry could witness increased UK footfall,” the chamber said, also noting that feni—Goa’s heritage spirit—will now receive Geographical Indication (GI) protection in the UK, enabling premium retail placement.

The chamber highlighted that the fisheries sector would benefit from duty-free marine exports, while the textiles and footwear industries could gain greater UK market access. Additionally, professionals in IT and services are expected to benefit from visa relaxations and exemptions from UK social security contributions.

The FTA’s pharmaceutical provisions were also welcomed, particularly the zero-duty access granted to Indian drug exports. Goa’s pharma companies, the chamber noted, stand to boost their presence in a UK market that imports nearly $30 billion worth of pharmaceutical goods annually.

The agreement is also expected to support bulk drug and generic medicine exporters, easing cost pressures for contract manufacturers operating on tight margins.

Calling the pact a “game-changer,” GCCI President Pratima Dhond said the agreement is a strong reflection of India-UK ties and holds immense promise for Goa’s growth.

The chamber reaffirmed its commitment to working with the government and industry to ensure Goan businesses can capitalise on the FTA’s full potential.