India-UK trade pact day 1: India exports $140 m worth of goods duty-free
India and the UK have launched the Comprehensive Economic and Trade Agreement (CETA), with $140 million in duty-free goods exported on the first day. The pact is expected to significantly boost bilateral trade and GDP for both nations.
Why it matters
This trade agreement marks a major shift in economic relations between India and the UK, potentially impacting global supply chains.
NEW DELHI: India exported goods worth over $140 million to the UK at zero import duty on the first day of the India-UK Comprehensive Economic and Trade Agreement (CETA) coming into force on Wednesday, Commerce Secretary Rajesh Agrawal said.More than 50 export consignments valued at over USD 140 million were flagged off from over 20 ports, airports, Inland Container Depots (ICDs), Special Economic Zones (SEZs) and factories across the country.The consignments included electronics, pharmaceuticals, gems and jewellery, textiles and other products, and were shipped through gateways such as Mundra, Nhava Sheva and Chennai ports, along with air cargo complexes in Mumbai, Kolkata and Hyderabad.Calling CETA "one of the most aspirational trade agreements by India to date", Agrawal said the pact was concluded after over 800 technical sessions across 14 rounds of negotiations."It is a win-win agreement between the two countries, which will…
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