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New Delhi, 15 July. Prime Minister Narendra Modi has said that the India-UK Comprehensive Economic and Trade Agreement (CETA) is an important moment in the partnership between the two countries. This will further deepen the economic relations between the two countries.

“This is an important moment in the India-United Kingdom partnership. The implementation of CETA and the ‘Social Security Agreement’ will deepen our economic ties. Together, these agreements will translate our shared ambitions into concrete opportunities for our people,” PM Modi wrote on social media platform ‘X’ on Wednesday, quoting Union Commerce and Industry Minister Piyush Goyal’s post on the implementation of India-UK CETA.

farmersMSMEs And entrepreneurs will get new momentum

The Prime Minister said, ‘CETA will give new impetus to our farmers, entrepreneurs and MSMEs. Many key sectors will get better access to the UK market. This will also increase cooperation in the field of technology, professional services and innovation, and will also promote the movement of skilled Indian talent.

He said, ‘The Social Security Agreement will be of great help to Indian professionals working in the UK for some time and will increase the competitiveness of Indian companies. This moment reflects our resolve to build a future-focused partnership based on trust and trade, technology, investment and innovation between our democracies. India and the UK will continue to work together for shared prosperity.

Big impact on business and employment

Union Commerce and Industry Minister Piyush Goyal also described this development as historic. He said the agreement provides zero-duty market access to the UK to about 99% of Indian exporters and covers close to 100% of the total trade value.

Main advantages :

• Tariff exemption to labour-intensive sectors like textiles, leather, gems-jewellery, engineering goods, marine products, chemicals, processed foods and furniture.
• Zero-duty access to almost all products in the agriculture sector (except some sensitive items).
• New avenues for IT, professional, financial, education and business services sectors.
• Under the Social Security Agreement, Indian professionals working in UK are exempted from double social security contribution for 5 years.
• Annual special mobility quota for 1,800 Indian chefs, yoga instructors and classical musicians.

According to Piyush Goyal, this trade agreement will provide huge export opportunities to all these sectors as well as MSMEs, farmers and manufacturers. Regarding this, Goyal also praised UK Business and Trade Secretary Peter Kyle and the negotiating teams of both the sides. This agreement will give India better access to the UK’s agricultural import market worth more than $90 billion and will take trade, investment, technology and innovation between the two countries to new heights.