Mumbai, July 15: A comprehensive economic and trade agreement (CETA) between India and the United Kingdom (UK) came into effect on Wednesday. Vijay Kalantari, Chairman of the World Trade Center (WTC) Mumbai, stated that this agreement will significantly enhance India’s exports, employment, and service sectors. Indian products will now enjoy nearly tariff-free access to the UK market.
Welcoming the implementation of the agreement, Kalantari noted that approximately 99.5% of India’s export value to the UK will fall under zero import duty, opening new opportunities for Indian industries and exporters across various sectors.
“We wholeheartedly welcome this agreement. We are pleased that it has finally come into effect, and the benefits will start to flow from today,” Kalantari remarked in an interview with a news agency.
He further emphasized that sectors such as gems and jewelry, textiles, engineering goods, agricultural products, and food processing will be the primary beneficiaries of this trade agreement.
“About 99.5% of the export value will incur no duties. Technically, this applies to 98.5% of products, but based on export value, it reaches 99.5%. The gems and jewelry, textiles, engineering products, agriculture, and food sectors will gain the most from this agreement,” he added.
To fully capitalize on this opportunity, Indian industries must focus on enhancing productivity and expanding production capacity.
Kalantari also mentioned that the auto components industry will benefit from improved market access due to this agreement.
Moreover, the services sector is set to gain significantly. Opportunities for Indian yoga instructors, chefs, and other professionals to work in the UK will increase. Additionally, both countries have agreed to ease visa regulations, facilitating smoother mobility for professionals compared to previous arrangements.
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