India and UK Forge Landmark Trade Agreement to Double Bilateral Trade
India signed the Comprehensive Economic and Trade Agreement (CETA) with the UK to enhance bilateral trade and investments. This marks India's 16th trade pact, aligning with prior agreements with regions like EFTA and countries such as Japan, Korea, and Australia. The agreement aims to double trade with the UK by 2030.
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India and the United Kingdom have officially entered into a Comprehensive Economic and Trade Agreement (CETA), setting the stage for increased bilateral trade and investment. This agreement aims to double the trade volume between the two nations from the current USD 56 billion by 2030.
The deal, hailed as a significant step in Indo-UK relations, will eliminate taxes on India's export of labor-intensive products, such as leather and clothing, while also reducing import duties on British whisky and automotive products.
Both nations anticipate that the CETA will stimulate sectors including manufacturing and services, while also expanding market access and strengthening economic ties in line with India's strategic trade objectives.
(With inputs from agencies.)
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