India-UK trade pact day 1: India exports $140 m worth of goods duty-free

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 have a shadow across economic relations," he said.The agreement grants duty-free access to nearly 99 per cent of Indian exports to the UK, benefiting sectors including leather, footwear, textiles, mechanical and electrical machinery, plastics, base metals, marine products, and gems and jewellery. These products earlier attracted import duties ranging from 2 per cent to 16 per cent.Agrawal said the Department of Commerce will work with export promotion councils to help exporters and industrial clusters utilise the benefits of the agreement.British High Commissioner to India Lindy Cameron said the trade deal is expected to increase bilateral trade by over GBP 25 billion annually in the long term and contribute nearly GBP 5 billion annually to the GDP of both countries.Get the latest business news and top stories. Download the TOI App.Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.