The Comprehensive Economic and Trade Agreement (CETA) between India and the UK has come into force. This will provide zero-duty market access to about 99% of India’s exports, making trade between the two countries ‘cheaper, faster and easier’.
Chennai (Tamil Nadu) [भारत]July 15 (ANI): British Deputy High Commissioner (Tamil Nadu, Kerala and Puducherry) Sutapa Choudhary on Wednesday hailed the India-UK Comprehensive Economic and Trade Agreement (CETA), a historic milestone in bilateral relations. The agreement officially came into force on Wednesday, along with a concurrent agreement on social security. This landmark agreement guarantees zero-duty market access for approximately 99% of India’s exports, comprising almost 100% of the total trade value between the two countries.
Doing business will have to be ‘cheap, fast and easy’
Speaking to ANI on the implementation of the trade agreement, Choudhary stressed that the pact will systematically remove bureaucratic and financial hurdles for enterprises. “This trade deal is going to benefit both the countries by making trade ‘cheaper, faster and easier’ between the two countries. Especially in Tamil Nadu, some sectors like textiles and leather, automotive, marine and pharma are really going to benefit,” Choudhary said.
Expressing optimism over the rapid implementation, he said: “We are really excited today that this comprehensive economic trade agreement has come into force. It was signed less than a year ago between the Prime Ministers of our two countries, Prime Minister Starmer and Prime Minister Modi, so this is a historic moment and it has happened very quickly. Really hopeful that businesses on both sides and ultimately people will benefit from cheaper prices.”
‘A symbol of stability in an environment of uncertainty’
Choudhary described the trade agreement as a stable anchor for both democracies at a time of increased macroeconomic and geopolitical instability around the world. “In this global environment where there is fragility and uncertainty, it brings our two countries closer. So this is a moment to celebrate in terms of strengthening ties, people-to-people ties, primarily economic ties and movement of people. To do business, you need to travel between the two countries,” he said, calling the agreement “a very deep statement of intent” by both governments.
Focus will also be on regional industrial centers
To ensure that the financial benefits of the treaty reach deeper into regional industrial centres, the British Deputy High Commission plans to look beyond state capitals for commercial access. Choudhary stressed, “This is actually our first engagement of this kind. We are planning a number of events including across the sectors. I was in Hosur a few weeks ago meeting the Tamil Nadu government’s investment promotion agency as well as a number of different businesses. It is really important for us to move beyond Chennai because you have some of the industrial clusters spread across the state, and that is what makes Tamil Nadu so unique. It is absolutely a win-win situation for India and the UK.”
The formal announcement of the implementation of CETA was made by Union Commerce and Industry Minister Piyush Goyal, who highlighted the huge competitive benefits that the deal will provide to domestic manufacturers, small-scale industries and corporate professionals. Goyal said on social media platform (ANI)
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