India-UK Trade Pact: A New Era of Economic Cooperation

The eagerly awaited free trade agreement between India and the United Kingdom, known as the Comprehensive Economic and Trade Agreement (CETA), is set to be active from mid-April, according to Commerce and Industry Minister Piyush Goyal. The landmark deal, signed on July 24 last year, promises to bolster economic ties between the two countries.

Under the agreement, a remarkable 99% of Indian exports will gain access to the British market duty-free. Furthermore, tariffs on major British exports, including cars and whisky, will be significantly reduced upon their entry into India. The implementation of CETA hinges on its approval by the UK parliament, with the Union Cabinet granting approval for such agreements in India.

Minister Goyal emphasized the unprecedented speed of the agreement's approval process in the UK parliament, predicting its enforcement within a month post-approval. With CETA, the Double Contribution Convention will also commence, granting exemptions on social security payments for Indian professionals working in the UK for up to three years. This pact aspires to double bilateral trade valued at USD 56 billion by 2030.