India and the United Kingdom have signed the Comprehensive Economic and Trade Agreement (CETA), marking a major step forward in economic partnership under the leadership of Prime Minister Narendra Modi. The agreement was formalised by Commerce and Industry Minister Piyush Goyal and the UK’s Secretary of State for Business and Trade, Jonathan Reynolds, in the presence of both Prime Ministers.CETA represents India’s most comprehensive trade pact with a developed economy to date and is aimed at doubling bilateral trade, currently valued at nearly USD 56 billion, to USD 112 billion by 2030.The agreement provides duty-free access to 99 per cent of Indian exports to the UK, covering nearly the entire trade basket. This will significantly benefit labour-intensive sectors such as textiles, leather, marine products, footwear, sports goods, toys, and gems and jewellery, along with fast-growing industries like engineering goods, auto components, and organic chemicals.India’s services sector stands to gain substantially. Market access has been expanded in IT and IT-enabled services, finance, law, education, and digital trade. The agreement includes liberalised visa provisions for Indian professionals such as architects, chefs, engineers, yoga instructors, and musicians, making it easier to work in the UK.Commerce Minister Piyush Goyal called the CETA a “milestone agreement” that supports the ‘Make in India’ initiative while safeguarding national interests. He also highlighted the introduction of the Double Contribution Convention, which will exempt Indian professionals and their employers from UK social security payments for up to three years—improving the cost competitiveness of Indian talent.The agreement is designed to foster inclusive growth. Women and youth entrepreneurs, MSMEs, farmers, and fishermen will benefit from new market access and global value chain integration. Provisions encouraging sustainability, innovation, and reduction in non-tariff barriers have also been included.CETA is expected to significantly increase trade volumes, generate employment, and deepen the economic relationship between India and the UK.Image source:https://indiashippingnews.com/