India UK services trade – Bharat Pulse News

The India-UK Comprehensive Economic and Trade Agreement will take effect on July 15, opening wider market access for exporters, reducing tariffs and easing the movement of professionals between the two countries. The Indian government has described it as one of its most ambitious and wide-ranging trade agreements. India-UK Trade Deal Expands Market Access The UK will remove or reduce tariffs on 98.8% of tariff lines, covering 99.5% of the value of trade. Nearly 99% of Indian exports will receive duty-free access to the British market. Textiles, footwear, leather, marine products, engineering goods, pharmaceuticals, processed foods and gems and jewellery are expected to benefit from lower trade barriers. India will reduce or remove duties on around 90% of British tariff lines. Tariffs on products including whisky, gin, automobiles, machinery and medical devices will be lowered immediately or in phases. Trade Agreement Covers 30 Policy Chapters The agreement contains 30 chapters covering goods, services, digital trade, government procurement, innovation, small businesses, labour, environment and gender. It also introduces simplified customs procedures and rules-of-origin self-certification to reduce paperwork for eligible exporters. India has protected sensitive sectors from tariff concessions, including dairy, cereals, pulses, vegetables, smartphones, critical polymers and selected high-value products. Social Security Agreement Benefits Indian Workers The Double Contribution Convention will also take effect on July 15. It will exempt eligible Indian employees temporarily working in the UK, along with their employers, from paying British social security contributions for up to five years. The arrangement is expected to reduce employment costs for Indian companies and improve the competitiveness of professionals providing services in the UK.

India-UK Trade Deal Takes Effect July 15

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