India-UK trade deal: British firms get telecom, construction access; no local office needed in India
The recently signed free trade agreement between India and the United Kingdom will allow British companies to deliver services like telecom and construction within India without the need to establish a base in the country.
As per news agency PTI, these firms will receive national treatment, meaning they'll be treated at par with Indian service providers.
The deal, officially called the Comprehensive Economic and Trade Agreement (CETA), was signed in London on Thursday. However, it may take up to a year to be fully implemented, as it awaits approval from the UK Parliament.
The services chapter is considered a key part of the pact, given the strengths both countries hold in the sector.
According to the commerce ministry, the UK has agreed to provide wide-ranging market access in 137 service sub-sectors, while India has reciprocated with commitments in 108. These cover areas such as accounting, auditing, financial services (with 74 per cent FDI cap), telecom (with 100 per cent FDI permitted), environmental services, and auxiliary air transport services.
India currently enjoys a trade surplus of around $6.6 billion with the UK.
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Its services exports were valued at $19.8 billion, while imports stood at $13.2 billion.
As per PTI, commerce and industry minister Piyush Goyal said the agreement has safeguarded India's sensitive sectors like dairy, rice, and sugar. He said, 'Zero compromise and extensive benefits make it a phenomenal free trade agreement.' He also emphasised that the pact opens the door for India to engage more deeply with the developed world.
Goyal noted that the FTA would be particularly helpful for labour-intensive sectors such as textiles, footwear, and gems and jewellery. Additionally, the deal includes a social security arrangement that will benefit Indian professionals on short-term contracts in the UK, allowing them to pay into India's provident fund instead of losing a chunk of their earnings to UK's national insurance contributions.
He also clarified that legal services have been excluded from the scope of this agreement.
Although the deal opens up India's automobile sector, Goyal said this had been done in an 'intelligent' manner to ensure India's interests are protected. He plans to hold consultations with various industries and travel to states to spread awareness about the benefits of the agreement.
The India-UK trade deal, Goyal said, could set a benchmark for future free trade agreements, as it balances protection for local sectors with expanded access to high-quality foreign goods and services.
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