India-UK CETA to boost trade by GBP 25.5B, Goyal announces support

Piyush Goyal announced 1,000 advisors and a portal upgrade for the India-UK CETA, starting July 15. In London, he highlighted the projected GBP 25.5B trade boost and expanded partnership in tech, defence, and clean energy.

Union Minister of Commerce and Industry Piyush Goyal announced the deployment of 1,000 advisory personnel across the country and the upgradation of the trade portal to help businesses maximise the benefits of the Agreement. Goyal participated in a series of high-level engagements during the 10th Annual UK-India Week in London on Friday, highlighting the opportunities arising from the forthcoming implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) on July 15.

As India's most comprehensive free trade agreement to date, the India-UK CETA is projected to increase bilateral trade by GBP 25.5 billion annually.

Expanding Strategic Partnership

Addressing the India Global Forum (IGF) Capital Frontiers Forum, Goyal said that the India-UK partnership has expanded beyond traditional trade to encompass strategic sectors such as technology, sovereign AI, critical minerals, defence and clean energy. He observed that the evolving partnership reflects the growing depth and diversity of bilateral economic engagement.

Boosting Business and Professional Opportunities

At a reception hosted by the High Commission of India and FICCI, the Minister welcomed the largest and most geographically diverse Indian business delegation to visit the United Kingdom. The delegation included significant participation from enterprises based in Tier-2 and Tier-3 cities, along with several first-time exporters.

Highlighting the benefits of the India-UK CETA for Indian professionals, Goyal said the Agreement provides a five-year exemption from social security contributions for eligible Indian professionals working in the United Kingdom, enabling them to redirect these savings into interest-bearing, tax-free provident fund accounts in India.

The Minister also emphasised the importance of strengthening sub-national economic partnerships and highlighted region-to-region linkages, including Birmingham-Gujarat and Manchester-Maharashtra, as important drivers of future bilateral growth.

Showcasing 'Brand India' on the Global Stage

Underscoring India's emergence as the world's fastest-growing major economy, Goyal encouraged businesses to showcase Brand India with confidence, leverage the country's strengths in manufacturing, services and innovation, and build enduring partnerships with businesses in the United Kingdom.

He said the India-UK CETA would enhance market access, improve the competitiveness of Indian enterprises, facilitate greater mobility for professionals and create new opportunities across goods, services and investment.

Goyal said that India today represents trust, talent, inclusive growth and a stable environment, adding that the country offers immense opportunities for global partnerships and co-creation.

He emphasised that businesses should seize the opportunities emerging from India's sustained economic growth and expanding global engagement.

The Minister further said that the India-UK partnership holds immense potential for growth. He encouraged Indian businesses to emerge as early movers, adopt international quality standards and showcase Brand India globally while strengthening trade and investment partnerships with the United Kingdom.

He also underlined the role of Indian enterprises in contributing towards the country's long-term economic growth aspirations. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)