Karnataka poised to benefit more from U.K.-India FTA, says British Deputy High Commissioner
The British Deputy High Commissioner to Karnataka announced that the new U.K.-India Comprehensive Economic and Trade Agreement (CETA) offers significant export opportunities for the state. The agreement eliminates or reduces tariffs on a wide range of goods, including agricultural products and services.
Why it matters
The FTA is expected to significantly boost bilateral trade and provide a competitive edge to Indian exporters in the U.K. market.
The British Deputy High Commissioner to Karnataka, Chandru K. Iyer, said on Friday that the State, including its coastal belt, can benefit from the Comprehensive Economic and Trade Agreement (CETA) between the United Kingdom and India, which came into effect on July 15.
Speaking to reporters here, Mr. Iyer said the State has a variety of products, from marine goods to services and space technology, that could be exported to the U.K.
Under CETA, or the free trade agreement (FTA), 99% of Indian products will attract zero or minimum import duty in the U.K., while 90% of U.K. products will receive the same treatment in India.
The agreement, Mr. Iyer said, has opened vast opportunities for farmers, manufacturers and service providers in Karnataka to export their products. They have to register on the Directorate General of Foreign Trade (DGFT) portal to avail the benefits of the FTA, he said.
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