How Indian businesses can leverage benefits of UK trade deal
What's the story
Union Minister of Commerce and Industry Piyush Goyal has announced a major initiative to help Indian businesses leverage the benefits of the India-UK Comprehensive Economic and Trade Agreement (CETA). The minister revealed that 1,000 advisory personnel will be deployed across the country. He also announced an upgrade of the national trade portal as part of this effort.
Trade expansion
India-UK CETA expected to boost bilateral trade
The India-UK CETA, the most comprehensive free trade agreement between the two nations so far, is expected to boost bilateral trade by £25.5 billion every year. Goyal made this announcement during his address at the India Global Forum (IGF) Capital Frontiers Forum in London on Friday. He said that the India-UK partnership has now expanded beyond traditional trade to include strategic sectors such as technology, sovereign AI, critical minerals, defense, and clean energy.
Professional benefits
Goyal highlights need for strengthening sub-national economic partnerships
The India-UK CETA also offers a five-year exemption from social security contributions for eligible Indian professionals working in the UK. Goyal said this would allow them to invest their savings into interest-bearing, tax-free provident fund accounts in India. He stressed on the need to strengthen sub-national economic partnerships and highlighted region-to-region linkages such as Birmingham-Gujarat and Manchester-Maharashtra as key drivers of future bilateral growth.
Business encouragement
India as world's fastest-growing major economy
Goyal urged businesses to showcase 'Brand India' with confidence, leverage the country's strengths in manufacturing, services, and innovation. He said the India-UK CETA would enhance market access, improve competitiveness of Indian enterprises, facilitate greater mobility for professionals and create new opportunities across goods, services, and investment. The minister also emphasized India's emergence as the world's fastest-growing major economy and its role as a trusted partner for global partnerships.