New Delhi: Export consignments worth over $140 million were dispatched on the first day of the landmark India–United Kingdom Comprehensive Economic and Trade Agreement (CETA) coming into force on Wednesday.
A formal inauguration event to mark the entry into force of CETA was held at Vanijya Bhawan here. The function was attended by British High Commissioner to India Lindy Cameron, Commerce Secretary Rajesh Agrawal, Director General of Foreign Trade, representatives of Industry Export Promotion Councils and industry associations, and several exporters.
Along with CETA, the Agreement on Social Security, also known as the Double Contribution Convention (DCC), formally entered into force today, marking a major milestone in the economic partnership between the two countries
The Commerce Secretary said that more than $140 million worth of goods were being exported to the United Kingdom on the first day of implementation under the India–UK CETA. He expressed confidence that sustained utilisation of the Agreement would strengthen India–UK trade and encourage the pursuit of other trade initiatives currently under consideration.
To commemorate the entry into force of the Agreement, events were held across the country to flag off the first export consignments under the India–UK CETA preferential tariff regime.
During the day, over 50 export consignments valued at more than $140 million were flagged off from more than 20 ports, airports, Inland Container Depots (ICDs), Special Economic Zones (SEZs) and factories across India. The consignments covered a wide range of products including electronics, pharmaceuticals and gems and jewellery, and were dispatched from locations including the seaports of Mundra, Nhava Sheva and Chennai, as well as air cargo complexes at Mumbai (Sahar), Kolkata, and Hyderabad, according to an official statement.
In a post on X, Commerce and Industry Minister Piyush Goyal said that the entry into force of the India–UK CETA and the Agreement on Social Security marks a defining milestone in India–UK relations. Under the leadership of Prime Minister Narendra Modi, the Agreements have come into force, providing zero-duty market access for nearly 99 per cent of India’s exports and covering almost 100 per cent of trade value.
The Agreement creates unprecedented opportunities for sectors including textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed foods, while benefiting MSMEs, farmers and manufacturers, he noted. He further observed that the Agreement opens new opportunities for India’s IT, professional, financial, education and business services sectors and expands mobility for Indian talent.
Goyal underscored that the Agreement on Social Security strengthens the partnership by exempting Indian professionals on temporary assignments in the United Kingdom from double social security contributions for up to five years, thereby enhancing the global competitiveness of India’s workforce. He also expressed appreciation to his UK counterpart and both negotiating teams for their commitment in bringing the transformational agreement to fruition and reaffirmed the shared commitment of both countries to building a resilient, innovation-driven partnership that promotes growth, investment and shared prosperity.
Speaking on the occasion, the UK High Commissioner described the entry into force of the Agreement as a historic milestone and a testament to the elevated UK–India bilateral relationship.
Referring to the long-term economic impact, Cameron noted that the Agreement is expected to increase bilateral trade by over 25 billion pounds annually over the long term and contribute nearly 5 billion pounds annually to both UK GDP and Indian GDP. She stated that the Agreement would make trade simpler, quicker and more cost-effective for businesses in both countries.
(IANS)
