India-UK CET Agreement Strengthens Economic Partnership, Boosts Trade and Employment: British Deputy High Commissioner

Mumbai, July 15: The Comprehensive Economic and Trade Agreement (CETA) between India and the UK has come into effect as of Wednesday. Officials and industry representatives herald this as a historic step that will fortify economic ties between the two nations. They anticipate that this agreement will enhance bilateral trade and open new opportunities for businesses in both countries.

During a ceremony to dispatch the first export consignment near Sanand, close to Ahmedabad, British Deputy High Commissioner Steve Hickling stated that this agreement symbolizes the robust political and economic relations between India and the UK. He emphasized that it lays the groundwork for a more extensive strategic economic partnership.

“This agreement reflects the strengthening of economic and political relationships between India and the UK, signaling the start of a stronger and broader economic partnership than ever before,” Hickling remarked.

Currently, the bilateral trade volume between India and the UK stands at approximately £48 billion annually. Hickling noted that various studies suggest significant growth in trade is likely following the implementation of this agreement.

“Our bilateral trade is already around £48 billion per year, and analyses indicate that this will increase further after the agreement takes effect,” he added.

With the agreement now in force, the first export shipment of gems and jewelry was also dispatched from the Special Economic Zone (SEEPZ) in Andheri, Mumbai, to the UK.

Gyaneshwar Patil, the Zonal Development Commissioner of SEEPZ, described this as a significant achievement. He mentioned that negotiations for this agreement lasted nearly a year before it received approval from the UK Parliament and the necessary clearances in India.

Meanwhile, Vishwanath Hublikar, General Manager (Export-Import) at H.K. Designs (India) LLP, welcomed the trade agreement. He stated that amidst global geopolitical uncertainties, India is working to diversify its export markets, making this agreement crucial at this time.

He highlighted that Europe is emerging as an important market for India. The India-UK CETA will not only enhance the visibility of Indian products in the European market but also play a vital role in boosting exports and creating new employment opportunities.