Commerce and Industry Minister Piyush Goyal revealed plans to deploy 1,000 advisory personnel across India and enhance the trade portal to support businesses in maximizing the benefits of the upcoming India-UK free trade agreement. The agreement, set to commence on July 15, is anticipated to boost bilateral trade by 25.5 billion pounds annually. Goyal engaged in various high-level discussions during the 10th Annual UK-India Week, emphasizing the potential opportunities stemming from the India-UK Comprehensive Economic and Trade Agreement (CETA).
At the India Global Forum (IGF) Capital Frontiers Forum, Goyal highlighted the broadening scope of the India-UK partnership, extending beyond conventional trade to encompass strategic areas like technology, defense, and clean energy. He noted the deepening economic ties between the two nations, emphasizing the diverse sectors now involved. During a reception hosted by the High Commission of India and FICCI, Goyal welcomed a diverse Indian business delegation, including representatives from Tier-2 and Tier-3 cities and first-time exporters.
Goyal underscored the advantages of the India-UK CETA for Indian professionals, pointing out a five-year exemption from social security contributions for eligible individuals working in the UK. This exemption allows them to redirect savings into tax-free provident fund accounts in India. The minister stressed the significance of bolstering sub-national economic partnerships, highlighting specific region-to-region connections like Birmingham-Gujarat and Manchester-Maharashtra as key drivers of future bilateral growth.
Emphasizing India’s status as the world’s fastest-growing major economy, Goyal urged businesses to promote Brand India confidently, leveraging strengths in manufacturing, services, and innovation. He encouraged the forging of lasting partnerships with UK businesses, citing the potential of the India-UK CETA to enhance market access, competitiveness, and mobility for professionals. Goyal highlighted India’s attributes of trust, talent, and inclusive growth, urging businesses to capitalize on the country’s economic expansion and global engagement opportunities.
