India-UK Trade Agreement To Come Into Force Tomorrow
The India-UK Comprehensive Economic and Trade Agreement (CETA) is set to take effect on July 15, aiming to increase bilateral trade to $100 billion by 2030. The deal provides duty-free access for several Indian exports while protecting sensitive domestic sectors and offering social security contribution relief for Indian companies in the UK.
Why it matters
This agreement represents a significant shift in economic policy between two major global economies, potentially reshaping supply chains and labor costs for international businesses.
The comprehensive economic and trade agreement (CETA), which aims to boost mutual commerce between India and the United Kingdom to $100 billion by 2030, will come into force on July 15.India and the UK's trade volume stands at $55-60 billion at present. "The target is that in the next 3-4 years, we will be able to reach USD 100 billion," said Commerce Secretary Rajesh Agarwal.Per the deal, from July 15, India's textiles, leather and footwear, gems and jewellery and plastics exports will enter the British market with zero duty.Sensitive segments, including small and mid-segment ICE (internal combustion engine) vehicles and affordable EVs, remain protected, said Additional Secretary in the Department of Commerce Darpan Jain.
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