India-UK FTA will provide liberal market access for Indian accountancy professionals: ICAI

The India-UK Free Trade Agreement will provide liberal market access for Indian accountancy professionals as well as help in significantly expanding the volume of high-value professional services work flowing into India, chartered accoutants' apex body ICAI said on Friday.

The Institute of Chartered Accountants of India (ICAI) said it played a pivotal role in securing favourable provisions for Indian professionals in the FTA.

ICAI President Charanjot Singh Nanda told PTI that the institute actively engaged with the commerce and industry ministry to ensure "liberal market access and the inclusion of a reciprocity clause protecting the use of the 'Chartered Accountant' title".

The institute provided technical inputs on licensing, qualification recognition, and digitally delivered services, leading to the formal inclusion of cross-border supply in the FTA.

"This opens significant outsourcing opportunities in areas such as book keeping, tax and consulting," he said and added that the institute also advocated for mutual recognition of qualifications, enabling Indian chartered accountants to register and practice in the UK on a reciprocity basis.

"ICAI facilitated provisions for commercial presence, enabling Indian firms to incorporate and operate in the UK with national treatment and without discriminatory restrictions while restoring the principle of reciprocity," Nanda said.

Given India's cost advantage, skilled workforce, and trusted reputation, Nanda said the FTA is expected to significantly expand the volume of high-value professional services work flowing into India, benefiting thousands of chartered accountant firms and professionals.

ICAI has more than 4.35 lakh members.

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