India UK economic cooperation – Bharat Pulse News

Prime Minister Narendra Modi has welcomed the implementation of the India-UK Comprehensive Economic and Trade Agreement, calling it a significant moment in bilateral relations. The pact came into force on July 15 alongside a social security agreement covering eligible professionals. India-UK Trade Deal Expands Market Access The agreement gives Indian exporters immediate duty-free access to most tariff lines in the United Kingdom. Labour-intensive sectors such as textiles, footwear, leather, marine products, processed food, gems and jewellery are expected to benefit from reduced trade barriers. The UK will immediately remove duties on 96.8% of tariff lines, covering 97.7% of existing trade value. India will eliminate tariffs on 64.1% of tariff lines from the first day and phase out duties on another 21%. Sensitive sectors have been excluded or placed under phased tariff-reduction schedules. Modi Highlights Opportunities for Indian Businesses Modi said the agreement reflects the shared ambition of India and the UK to promote economic growth, innovation and investment. He said the trade pact would create new opportunities for Indian farmers, workers, micro, small and medium enterprises, startups and innovators. The agreement also expands access for businesses and professionals in areas including information technology, finance, education, telecommunications and business services. Indian companies will gain access to the UK’s government procurement market, while British firms will receive reciprocal opportunities in India. Social Security Agreement Benefits Professionals A linked Double Contribution Convention will prevent eligible Indian professionals and employers from paying social security contributions in both countries during temporary assignments lasting up to five years. British exporters will also receive phased tariff reductions for products including automobiles, whisky and cosmetics. Passenger vehicle imports will be permitted under an annual quota at preferential tariff rates. Both governments expect the agreement to increase bilateral trade, support investment and deepen long-term economic cooperation.

PM Modi Hails India-UK Trade Deal Rollout

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