ଳew Delhi, July 15: Prime Minister Narendra Modi on Wednesday described the coming into force of the India-UK Free Trade Agreement (FTA) and the accompanying Agreement on Social Security as a "significant moment" in bilateral ties.
He said the landmark pacts would deepen economic engagement and create new opportunities for businesses, workers and investors in both countries.
Sharing a post by Union Commerce and Industry Minister Piyush Goyal on X, the Prime Minister said, “This is a significant moment in the India-United Kingdom partnership. With the coming into force of the Comprehensive Economic and Trade Agreement (CETA) and the Agreement on Social Security, our economic linkages are going to get even deeper.”
Highlighting the benefits of the trade pact, the Prime Minister said, “Together, these agreements translate our shared ambition into tangible opportunities for our people. The CETA will give fresh momentum to our farmers, entrepreneurs and MSMEs. Several vibrant sectors will gain stronger access to the UK market,” he said.
“It will also deepen cooperation in technology, professional services and innovation, while supporting greater mobility for skilled Indian talent. The Social Security Agreement will provide invaluable support to Indian professionals working temporarily in the UK and strengthen the competitiveness of Indian enterprises,” he added.
Describing the development as a reflection of the mutual trust between the two democracies, the Prime Minister said, “This moment reflects the trust between our democracies and our resolve to build a forward-looking partnership driven by trade, technology, investment and innovation. India and the UK will continue working together for shared prosperity.”
Earlier, Commerce and Industry Minister Piyush Goyal termed the agreement a defining milestone in India-UK relations and a major achievement under the leadership of Prime Minister Modi.
“Under the dynamic leadership of Hon'ble PM Narendra Modi ji, the India-UK Comprehensive Economic and Trade Agreement (CETA) and the Agreement on Social Security have come into force, delivering zero-duty market access for nearly 99 per cent of India’s exports, covering almost 100 per cent of trade value,” Goyal said.
According to the minister, the FTA is expected to unlock unprecedented opportunities across key sectors, including textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed food, while providing a significant boost to MSMEs, farmers and manufacturers.
Goyal also said the agreement would open new avenues for India’s IT, financial, education, professional and business services sectors, while facilitating greater mobility for Indian professionals. The accompanying Social Security Agreement is expected to enhance the competitiveness of Indian companies and workers by exempting Indian professionals on temporary assignments in the UK from paying double social security contributions for up to five years.
The twin agreements are being seen as a major step towards expanding trade and investment flows between India and the UK, while strengthening cooperation in emerging sectors and supporting long-term economic growth in both countries.
--IANS
