NEW DELHI: Experts say the free trade agreement between India and the UK will help boost the country's exports and attract investments from Britain.
The Comprehensive Economic and Trade Agreement (CETA) was signed on July 24 and will likely come into force next year.
Gulzar Didwania, Partner, Deloitte India, said the signing of the CETA is expected to deliver significant gains for India by boosting exports, attracting investments, and providing duty-free market access for nearly 99 per cent of Indian exports across key sectors, such as textiles, automotive components, footwear, and pharmaceuticals.
"A key highlight of the agreement also lies in the service sector, where it will open wider opportunities for Indian IT, financial, healthcare, and professional service providers in the UK market," he added.
Additionally, Didwania said, the pact will facilitate smoother movement of skilled professionals, promote mutual recognition of qualifications, and strengthen collaboration in education, innovation, and research.
Federation of Indian Export Organisations (FIEO) President SC Ralhan said the agreement will help double bilateral trade to USD 120 billion by 2030.
"The India-UK FTA opens unprecedented opportunities across key sectors, especially for MSMEs and labour-intensive industries. It not only reduces tariffs but also eases regulatory barriers for services and investments," Ralhan said.
Ralhan emphasised that this agreement will greatly boost India's manufacturing and services exports and attract UK investments into key growth sectors.