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India-UK FTA unlocks $23 bn business potential, duty-free access to 99% of Indian exports: Piyush Goyal
Britain's Secretary of State for Business and Trade, Jonathan Reynolds, right, and Piyush Goyal, Minister of Industry and Supply of India, shake hands after they signed a free trade agreement at Chequers near Aylesbury, England. AP
The India-UK trade deal will allow duty-free access to the British market for several domestic sectors such as leather, electrical machinery, and chemicals, creating nearly $23 billion in opportunities, Commerce and Industry Minister Piyush Goyal said.
The Comprehensive Economic and Trade Agreement (CETA), as it is officially known, was signed in London on Thursday by UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, in the presence of Prime Minister Narendra Modi and his British counterpart, Keir Starmer.
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'Duty-free access for about 99 per cent of Indian exports unlocks nearly USD 23 billion in opportunities for labour-intensive sectors, marking a new era for inclusive and gender-equitable growth,' Goyal said in a post on X.
Artisans, weavers, and daily-wage workers engaged in various MSMEs in textiles, leather, footwear, gems and jewellery, toys, and marine items will enter a new period of prosperity, he stated.
This trade agreement, according to Goyal, would secure duty-free exports of approximately 95% of agricultural items, while fishermen will benefit from zero duty on 99 percent of marine exports, raising their incomes.
'The deal will also have a transformative impact on manufacturing-intensive sectors like engineering goods, electronics, pharma, chemicals, food processing, and plastics. This agreement will also provide Indian consumers high quality goods at competitive prices,' he added.
Goyal also said that India's talent in IT, services, and education will gain from easier access to the UK's high-value markets.
'The three-year exemption from social security contributions in the UK as part of the Double Contribution Convention is a significant breakthrough for Indian workers and their employers,' he said adding chefs, yoga instructors, musicians and business visitors will also be benefitted from the pact.
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India's exports to the UK rose by 12.6 per cent to $14.5 billion, while imports grew by 2.3 per cent to $8.6 billion in 2024-25.
The bilateral trade between India and the UK increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23.
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