India-UK Free Trade Agreement: A New Era in Bilateral Trade

In a landmark move, India and the UK have inked a free trade agreement on Thursday, aiming to boost their bilateral trade to USD 112 billion by 2030. The newly signed Comprehensive Economic and Trade Agreement (CETA) promises significant benefits, particularly for sectors like textiles, leather, and technology, potentially reshaping both economies.

The agreement, highlighted by a commitment to simplify visa procedures for Indian professionals such as architects and engineers, was signed in London in the presence of Prime Ministers Narendra Modi and Keir Starmer. Commerce and Industry Minister Piyush Goyal and Secretary of State for Business and Trade Jonathan Reynolds were also present to seal the deal, which could strengthen India's labor market.

According to the commerce ministry, this agreement will give India duty-free access to 99% of its export basket to the UK, covering diverse industries from textiles to engineering goods. It also secures the Double Contribution Convention, exempting Indian professionals from social security payments in the UK for up to three years, thus enhancing cost competitiveness for Indian talent abroad.

(With inputs from agencies.)