Prime Minister Narendra Modi praised the commencement of the India-UK Free Trade Agreement and the Agreement on Social Security as a significant event in the bilateral relationship. These agreements are expected to enhance economic ties and create fresh opportunities for businesses, workers, and investors in both nations.
The Prime Minister emphasized that these pacts would deepen economic cooperation and open up new prospects for people in both countries. The Comprehensive Economic and Trade Agreement (CETA) and the Agreement on Social Security are set to strengthen economic linkages and provide various sectors with improved access to the UK market.
Modi highlighted the advantages of the trade deal, stating that it would offer momentum to farmers, entrepreneurs, and MSMEs. Additionally, it is anticipated to foster collaboration in technology, professional services, and innovation, while facilitating increased mobility for skilled Indian professionals.
Describing the development as a testament to the mutual trust between India and the UK, Modi underscored the commitment to building a forward-looking partnership focused on trade, technology, investment, and innovation. Both countries are dedicated to collaborating for shared prosperity and growth.
Commerce and Industry Minister Piyush Goyal also lauded the agreements, considering them a significant milestone in India-UK relations and a notable achievement under PM Modi’s leadership. The Comprehensive Economic and Trade Agreement (CETA) and the Agreement on Social Security are set to provide zero-duty market access for a vast majority of India’s exports, covering nearly the entire trade value.
Goyal expressed optimism that the FTA would unlock unprecedented opportunities across various sectors, including textiles, gems and jewellery, engineering goods, and more, benefiting MSMEs, farmers, and manufacturers. The agreements are expected to boost India’s IT, financial, education, and business services sectors, while enabling greater mobility for Indian professionals.
The Social Security Agreement is anticipated to enhance the competitiveness of Indian companies and workers by exempting Indian professionals on temporary assignments in the UK from double social security contributions for up to five years. These agreements mark a significant step towards expanding trade and investment between India and the UK, fostering cooperation in emerging sectors, and supporting long-term economic growth in both nations.
