The Federation of Indian Chambers of Commerce and Industry (FICCI) expressed delight over the commencement of the India-UK Free Trade Agreement. The agreement is seen as a significant step that will introduce fresh prospects for Indian businesses in goods and services. FICCI Secretary General Anant Swarup praised Prime Minister Narendra Modi for this development, highlighting the potential for enhanced competitiveness and global integration.
The FICCI Secretary General emphasized that the India-UK Comprehensive Economic and Trade Agreement (CETA) will not only benefit industries in both countries but also foster cooperation in innovation, technology, and talent mobility. This move is expected to boost the competitiveness of Indian businesses and mark a milestone in the nation’s free trade agreement journey.
The agreement aligns with the vision of Viksit Bharat, aiming to bolster India’s economic growth, global competitiveness, and integration with international markets. FICCI President Anant Goenka underscored the importance of high-quality economic partnerships in advancing India towards a developed economy. Such partnerships are anticipated to expand business opportunities, strengthen industrial capabilities, and enhance India’s global trade participation.
The India-UK FTA, effective immediately, grants zero-duty market access for nearly 99% of India’s exports and encompasses almost the entire bilateral trade value. Additionally, the IT industry body Nasscom welcomed the agreement’s implementation, foreseeing opportunities in digital trade, investment, innovation, and talent mobility. Nasscom also praised the Double Contribution Convention (DCC) conclusion, enabling Indian professionals in the UK to contribute to social security in India for up to five years.
