New Delhi, July 15 (IANS) The India–UK Comprehensive Economic and Trade Agreement (CETA) is one of the most comprehensive and aspirational trade agreements signed by India, bringing together two large and complementary economies while promising significant gains for labour-intensive sectors and agriculture, Commerce Secretary Rajesh Agarwal said on Wednesday.
Speaking to IANS here, Agarwal said the agreement is expected to deliver significant benefits to labour-intensive industries and the agriculture sector, creating new opportunities for Indian exporters while strengthening economic cooperation between the two countries.
“The CETA is a highly comprehensive and ambitious trade agreement. It is one of the most aspirational trade agreements that India has signed and operationalised, bringing together two large and complementary economies,” he said.
“The agreement is expected to provide significant benefits to labour-intensive industries and the agriculture sector,” Agarwal stated.
Agarwal also highlighted the speed with which the agreement has been implemented.
He said trade agreements generally take a long time to become operational, but India and the UK were able to bring CETA into force within a year of concluding negotiations and signing the pact.
British High Commissioner to India Lindy Cameron welcomed the operationalisation of the agreement, describing it as a landmark milestone in the bilateral relationship.
She said the trade deal would make day-to-day commerce between India and the UK cheaper, quicker and easier, while further strengthening a trading partnership already valued at around £48 billion.
“In sectoral terms, the trade deal brings sweeping benefits across a wide range of sectors,” she told IANS.
“From today, our economies, our businesses, and, most importantly, our people are going to start seeing the benefits of this trade deal. Ninety-nine per cent of Indian goods entering the UK and 90 per cent of UK products entering India will either be duty-free or subject to reduced tariffs,” Cameron told IANS.
–IANS
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