India-UK Pact: A New Era for Financial Services
The India-UK Comprehensive Economic and Trade Agreement opens doors for Indian financial services in Britain, promising expansion, competitiveness, and benefits for the diaspora. It also invites UK investment to India's market, assuring fair treatment and broad economic gains without destabilizing India's financial services sector.
- Country:
- India
The India-UK free trade agreement, known as the Comprehensive Economic and Trade Agreement (CETA), paves the way for Indian financial services to flourish in Britain. The deal, signed in London in the presence of Prime Ministers Narendra Modi and Keir Starmer, promises to boost competitiveness and support the Indian diaspora and businesses.
This landmark agreement will also stimulate UK investment in India's rapidly growing market. A commerce ministry official highlighted that the deal is poised to introduce innovative financial services, benefiting consumers and the broader economy while maintaining the stability of India's financial sector.
The agreement assures non-discrimination for Indian firms in the UK and pledges transparency in regulations. Commitments span electronic payments, FinTech, diversity, and market integration, while providing market access to UK's insurance and financial subsectors, enhancing non-life insurance and auxiliary services in India.
(With inputs from agencies.)
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