India-UK Trade Pact to Boost Exports and Investment
The free trade agreement between India and the UK, known as the Comprehensive Economic and Trade Agreement, aims to increase Indian exports, attract British investments, and provide duty-free market access for most Indian products. It also fosters mutual growth in various service sectors and facilitates professional collaboration.
- Country:
- India
The newly signed Comprehensive Economic and Trade Agreement (CETA) between India and the UK is poised to invigorate the Indian economy by enhancing exports and attracting substantial investments from Britain, experts indicate.
The agreement, which was signed on July 24, is set to take effect next year, signaling a significant economic partnership for India.
According to Gulzar Didwania, a partner at Deloitte India, the CETA will propel significant gains, offering duty-free market access for nearly 99 percent of Indian exports across textiles, automotive components, and pharmaceuticals, and will expand opportunities for Indian service providers in the UK.
Additionally, the agreement will ease the movement of skilled professionals and foster cooperation in education and innovation. SC Ralhan, President of the Federation of Indian Export Organisations, anticipates a doubling of bilateral trade to USD 120 billion by 2030.
Ralhan highlighted that the agreement reduces tariffs and regulatory barriers, significantly boosting India's manufacturing and service sectors while attracting UK investment into vital growth areas.
(With inputs from agencies.)
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