The India-United Kingdom Free Trade Agreement ~ that took effect on Thursday ~ is being hailed as a landmark achievement, but its true significance lies less in the tariff schedules than in what it signals about India’s evolving place in global commerce. At a time when protectionism is rising and supply chains are being redrawn, New Delhi has secured preferential access to one of the world’s largest consumer markets while reinforcing its credentials as a reliable trading partner.

The immediate beneficiaries are easy to identify. Labour-intensive sectors such as textiles, garments, footwear, leather goods and marine products stand to gain from the elimination of duties that had long eroded India’s competitiveness. For years, exporters from Bangladesh and Pakistan enjoyed preferential access to the British market, forcing Indian manufacturers to compete at a structural disadvantage despite comparable production capabilities. That imbalance has now been addressed.

Yet it would be premature to view the agreement as an economic windfall. Free trade agreements create opportunities; they do not guarantee outcomes. India’s experience with previous trade pacts has demonstrated that tariff........

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