India-UK Free Trade Agreement: A game changer for professional services and trade
Formally signed on 24 July 2025, during Indian Prime Minister Narendra Modi’s visit to the UK, the negotiated India-UK Free Trade Agreement (FTA) marks a significant milestone in the strengthening of economic ties between the two nations.
For professionals and businesses in India, the FTA presents exciting new opportunities to engage in cross-border trade, investment, and professional collaboration.
MGI India members are already gearing up to navigate these changes and seize the potential the agreement holds.
A new era of cross-border professional collaboration
The India-UK FTA is set to transform the professional services landscape, especially for the accountancy and finance sectors. Professionals from both countries stand to benefit from enhanced mobility and mutual recognition of qualifications, which will enable easier collaboration and knowledge exchange.
Kuunal Gohil from member firm KDP Advisors LLP explains that the potential for recognition of Indian qualifications in the UK is a major opportunity. This will allow Indian professionals to offer their services to UK clients while also collaborating with UK professionals, opening the doors for mutual growth and the exchange of expertise.
“We see this as an opportunity to work more closely with professionals in the UK, providing high-quality services to clients while reducing the barriers that have traditionally hindered cross-border mobility,” says Kuunal.
He envisions a future where Indian Chartered Accountants and UK professionals can work side by side, enhance service delivery and create stronger partnerships.
Anuj Sharedalal, Partner at CRS Consulting, adds:
“Indian accountancy firms are actively exploring the opportunities emerging from the India–UK FTA. The agreement promises to simplify regulatory frameworks, reduce tariffs, and enhance ease of doing business across borders. For professional services, and particularly for accountancy, this means greater collaboration, knowledge sharing, and cross-border service delivery.”
A boost for Indian exporters
For Indian exporters, the FTA provides a valuable opportunity to expand into the UK market.
The zero-duty access granted to 99 per cent of Indian exports to the UK will significantly benefit sectors such as textiles, engineering goods, and auto parts. Amit Chopra of GCA Associates Private Limited in New Delhi, is excited about the potential impact of this provision.
“The zero-duty access is a game changer for Indian exporters,” says Amit. “It allows businesses to target the UK and European markets without worrying about tariffs, and this will undoubtedly fuel growth in key sectors, including textiles, apparel, and automotive parts.”
Amit’s firm has already seen an increase in inquiries from clients looking to explore new business opportunities in the UK.
He says: “Our firm is sector-agnostic, working extensively with buying agencies, exporters, and private equity funds. We’ve already begun analysing the FTA’s likely impact for our UK, Indian, and other international clients, drawing on our experience with earlier trade pacts such as the India–UAE CEPA and the India–Australia ECTA.
“In both cases, we saw a rapid rise in cross-border investment and trade flows, enabling us to identify and capture early-stage opportunities for clients.”
Indian textile exporters, for instance, are exploring partnerships with UK distribution channels to offset rising US tariffs, while manufacturers are considering setting up production facilities in India to take advantage of zero-duty access to the UK.
Similarly, Anuj is seeing a similar increase, believing this is particularly true of Indian mid-market companies and startups exploring the UK as a launchpad into Europe.
“Likewise, UK-based clients are showing renewed interest in setting up or expanding their operations in India, given the favourable trade terms." He adds, "We have also observed a growing interest from UK-based Chartered Accountancy firms in outsourcing services such as bookkeeping, auditing, forensic accounting, taxation and other related support functions.”
Strengthening cross-border partnerships
The FTA’s provisions extend beyond trade and taxation. They include opportunities for Indian professionals to work in the UK without the need for additional qualifications or exams.
This mutual recognition of qualifications, if formalised through Mutual Recognition Agreements (MRAs) between Indian and UK professional bodies, would allow Indian Chartered Accountants to practice seamlessly in the UK.
Ankith Shetty from Bangalore-based member firm B.C. Shetty & Co. highlights the potential of such an arrangement, which would reduce procedural hurdles for Indian professionals looking to expand their reach in the UK.
He notes: “Such recognition would also enable collaborative secondment programmes, where Indian CAs could be placed on temporary assignments in the UK during off season in India. This would give UK MGI firms, access to highly qualified professionals at competitive costs, while enhancing service quality and turnaround times.
“Beyond individual opportunities, this development could drive deeper Indo-UK professional collaboration through joint audits, cross-border consulting, and knowledge exchange, creating a more integrated, globally connected professional services network capable of meeting complex multinational client needs.”
Amit agrees, saying: “The proposed Mutual Recognition Agreements (MRAs) between the Institute of Chartered Accountants of India (ICAI) and UK bodies such as ICAEW and ACCA could be a game changer for professional mobility.
If finalised, they would allow Indian Chartered Accountants to register and practise in the UK on a reciprocal basis without duplicative examinations, subject to MRA terms and regulatory approvals.
“The recognition of Indian accounting standards, which are largely aligned with the UK’s IFRS framework, further enhances the potential for Indian professionals to deliver high-quality services in financial audits, reporting, and consultancy.”
Anuj feels the same way, adding that it will help to “foster deeper technical exchange and open doors for Indian CAs to contribute directly to UK markets”.
In February 2025, Anuj was part of a trade delegation to the UK, which sought to explore investment opportunities and gaining deeper insights into the UK market.
This visit has already resulted in several meaningful partnerships with key agencies across the UK, which the firm are actively leveraging to better support clients in expanding their global footprint and navigating cross-border opportunities.
MGI: Supporting clients in maximising the FTA benefits
As businesses and professionals prepare for the changes brought by the FTA, MGI is poised to play a pivotal role in facilitating cross-border collaboration.
Our firms from both India and the UK, are already helping clients navigate the complexities of the agreement, offering advisory services on trade structuring, investment opportunities, and regulatory compliance.
Ankith notes that MGI’s role in helping firms collaborate across borders is invaluable.
"By providing a platform for knowledge sharing, referrals, and joint ventures, MGI is enabling firms to deliver seamless service delivery for clients involved in UK-India trade and expansion."
Amit agrees, stating that MGI’s global network will be key to realising the full potential of the FTA. “MGI Worldwide can be the bridge that turns FTA potential into reality, connecting businesses, sharing insights, and enabling seamless cross-border service delivery,” he says.
Expanding horizons for future growth
The India-UK FTA is more than just a trade agreement, it’s a catalyst for investment, collaboration and professional growth between the two nations.
With enhanced trade provisions, reduced tariffs, and the recognition of professional qualifications, the agreement is creating a more predictable, business-friendly environment for companies in India and the UK.
For MGI member firms in India, the opportunities are vast. Whether through tariff reductions, cross-border professional mobility, or the ability to establish deeper partnerships with UK counterparts, the FTA is paving the way for greater collaboration and growth.
With our strong network and cross-border expertise, MGI firms are well-positioned to help businesses navigate the complexities of the India-UK trade relationship, ensuring that firms on both sides of the border can maximise the potential of this historic agreement.
Thanks
A big thank you to members Amit Chopra (GCA Associates Private Limited), Ankith Shetty (B.C. Shetty & Co.), Anuj Sharedalal (CRS Consulting), and Kuunal Gohil (KDP Advisors LLP) for taking the time to provide us with these valuable insights! To reach and find out more please visit the firms' respective profile pages.
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