London, June 26: Commerce and Industry Minister Piyush Goyal announced on Friday that to maximize the benefits of the India-UK Free Trade Agreement (FTA), 1,000 advisors will be appointed across the country. Additionally, the online trade portal will be enhanced.
This agreement is set to take effect on July 15 and is expected to generate an additional £25.5 billion in trade between India and the UK annually.
During the 10th annual UK-India Week held in London, Goyal participated in several important meetings and events. He highlighted that the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) will open up numerous opportunities for both nations.
Addressing the India Global Forum (IGF) Capital Frontiers Forum, Goyal stated that the partnership between India and the UK now extends beyond trade. The two countries are collaborating in areas such as technology, sovereign AI, critical minerals, defense, and clean energy. This collaboration has strengthened their economic ties.
At an event organized by the Indian High Commission and FICCI, Goyal welcomed the Indian business delegation visiting the UK. He noted that this is the largest and most diverse Indian business delegation to date, including companies from Tier-2 and Tier-3 cities and first-time exporters.
Goyal mentioned that this agreement will significantly benefit qualified Indian professionals working in the UK. They will be exempt from social security contributions for five years, allowing them to deposit the saved amount into their tax-free and interest-bearing Provident Fund (PF) accounts in India.
He emphasized the importance of enhancing economic cooperation between different states and cities in India and the UK. He cited partnerships like Birmingham-Gujarat and Manchester-Maharashtra as crucial for future development between the two countries.
Goyal remarked that India is currently the fastest-growing major economy in the world. He urged businesses to confidently present ‘Brand India’ globally, leveraging the country’s strengths in manufacturing, services, and innovation to forge long-lasting partnerships with UK companies.
He stated that the India-UK CETA will provide Indian companies with better access to new markets, enhance their competitiveness, facilitate the movement of professionals, and create new opportunities in goods, services, and investments.
Goyal concluded by saying that India has established itself as a hub of trust, talent, inclusive growth, and stability. He encouraged businesses to seize the opportunities arising from India’s rapidly growing economy and its expanding global role.
He also pointed out the immense potential for advancing the India-UK partnership. He urged Indian entrepreneurs to take advantage of these opportunities from the outset, adopt international quality standards, strengthen ‘Brand India’ globally, and reinforce trade and investment relations with the UK. He emphasized that the Indian industry will play a vital role in achieving the country’s long-term economic development goals.
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