NEW DELHI: The India–UK Comprehensive Economic and Trade Agreement (CETA), which came into effect on Wednesday, is expected to significantly boost exports, manufacturing and bilateral trade across key sectors, with industry experts, government officials and exporters saying the pact will create new opportunities for Indian businesses and strengthen the country's global trade footprint.
Speaking to IANS, Director General of Foreign Trade (DGFT) Anupam Kumar said the agreement, which is the outcome of four years of negotiations, will provide a major boost to India's value-added exports.
"The India-UK FTA is being implemented today. This agreement is a result of four years of negotiations. After this agreement, our products, which are value added products such as textiles, garments, apparels, in gems and jewellery such as diamonds, gold and silver articles, in engineering goods, auto-components and other machine parts, pharma products, chemical products, will get a huge boost because your products will get zero duty in the UK," Kumar said.
BJP MP Mansukh Vasava said the agreement reflects the government's efforts to strengthen India's position as a global economic power under the leadership of Prime Minister Narendra Modi.
Vipin Vohra, Chairman of Continental Carriers Group of Companies, described the operationalisation of the agreement as a significant milestone for businesses in both countries.
Amrit Manwani, Chairman and Managing Director of Sahasra Group, termed the agreement a win-win arrangement for both economies.
Highlighting the benefits for agriculture, APEDA Senior Consultant Dr. Tarun Bajaj said the agreement is expected to provide a major boost to India's agriculture and processed food sectors.
"Nearly 95 per cent of agricultural and processed food products will enjoy zero-duty access to the UK market, creating a significant competitive advantage," Bajaj told IANS.
Indian Oilseeds and Produce Export Promotion Council (IOPEPC) Chairman Sandeep Bhura also welcomed the agreement, saying it would be particularly beneficial for the sector.
--IANS
