UK-India Free Trade Pact Revolutionizes Service Sectors
The UK-India free trade agreement enables UK companies to offer services in Indian sectors such as telecom and construction without local setup. This agreement grants reciprocal market access, marking a milestone in commerce between the two nations, subject to British Parliament approval for implementation.
- Country:
- India
British companies can now operate more freely in India, providing services in sectors like telecom and construction without establishing a local presence, thanks to a new free trade agreement. This accord places British businesses on an equal footing with Indian companies.
The Comprehensive Economic and Trade Agreement, signed in London on July 24, marks a significant step in strengthening the commercial ties between the two nations. However, implementation is contingent on approval from the British Parliament, which could take up to a year.
The agreement includes critical provisions granting wider market access, with the UK offering deep market access in 137 sub-sectors to Indian firms. In return, India has opened various sectors to UK businesses, including financial services, telecom, and environmental services, underscoring the importance of services in this bilateral pact.
(With inputs from agencies.)
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