India-UK Trade Deal Unlocks $23 Billion in Opportunities

The India-UK trade deal provides duty-free access to various Indian sectors, unlocking $23 billion in opportunities. The agreement benefits labor-intensive industries and will impact manufacturing and services, including IT and education. It promises growth and new opportunities for Indian workers and sectors.

The recently signed India-UK trade deal promises to open previously untapped channels for multiple Indian sectors by offering duty-free access to the British market, according to Commerce and Industry Minister Piyush Goyal. The pact, known as the Comprehensive Economic and Trade Agreement (CETA), was endorsed in London with Prime Minister Narendra Modi and British Prime Minister Keir Starmer in attendance.

This landmark agreement ensures that approximately 99% of Indian exports enjoy duty-free entry, potentially unlocking $23 billion worth of opportunities. It marks a transformative shift for labor-intensive sectors particularly in textiles, leather, footwear, and marine products. Goyal highlighted the positive impacts it will likely bring for artisans and daily-wage workers across MSMEs.

The trade deal not only boosts Indian exports but also opens avenues for high-quality, competitively priced imports. It also offers smoother pathways for India's talent pool in IT, services, and education sectors to access UK markets. Notably, a three-year exemption from social security contributions under the Double Contribution Convention is seen as a significant advantage for Indian workers.

(With inputs from agencies.)