Landmark India-UK Trade Pact: A New Era of Exchange
India and the UK have signed a Comprehensive Economic and Trade Agreement, their most ambitious trade deal yet, covering 26 sectors. This includes tariff reductions on automotive imports and gender equality chapters. The agreement aims to double bilateral trade to USD 112 billion, offering substantial gains for both nations.
- Country:
- India
In a historic move, India has signed its most ambitious trade pact with the United Kingdom, the Comprehensive Economic and Trade Agreement (CETA), covering 26 diverse sectors from tariffs to technology.
This agreement marks a significant milestone, encompassing provisions like reduced tariffs on automobiles and the inclusion of chapters on trade and gender equality. CETA aims to double bilateral trade in goods and services, projecting a jump from USD 56 billion to USD 112 billion.
The agreement is poised to reshape trade dynamics, with India agreeing to slash import duties on various products, including luxury passenger cars, while the UK will eliminate tariffs on over 90% of its exports to India. Experts highlight the deal's potential to significantly boost economic cooperation between the two nations.
(With inputs from agencies.)
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