(Indian professionals will benefit from easier access to work in the UK. The deal opens up 35 sectors for Indian talent to work for up to two years without requiring a local office presence.)
The trade agreement was signed by India's Commerce Minister Piyush Goyal and the UK's Secretary of State for Business and Trade, Jonathan Reynolds.
Prime Minister Modi described the pact - CETA - as a new roadmap for "shared prosperity".
It is expected to benefit a wide spectrum of stakeholders—from farmers and fishermen to small businesses and professionals. Indian exports such as textiles, gems and jewellery, seafood, leather goods, engineering products and processed foods will now enjoy near-zero duty access to the UK.
99% Indian exports to UK duty-free, tariffs cut on UK goods
Scotch whisky duty halved, EV import duty cut significantly
British goods like medical devices, aerospace parts, cars, whisky, chocolates and cosmetics will enter the Indian market with sharply reduced tariffs, dropping from an average of 15% to around 3%.
Agneshwar Sen, Trade Policy Leader at EY India, called the agreement a transformative move that will open up almost all trade between the two economies. He said the elimination of tariffs on key Indian exports would boost job creation and growth in labour-intensive sectors.
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