As the India-UK Free Trade Agreement (FTA) has come into force, Prime Minister Narendra Modi on Wednesday described it as a “significant moment” in bilateral ties.
In a post on X, Prime Minister Modi stated that the landmark pacts – Comprehensive Economic and Trade Agreement (CETA) and the Agreement on Social Security – would further deepen economic engagement and create new opportunities for businesses, workers and investors across both the nations.
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While sharing a post by Union Commerce and Industry Minister Piyush Goyal on the social media platform, PM Modi wrote, “This is a significant moment in the India-United Kingdom partnership! With the coming into force of the Comprehensive Economic and Trade Agreement and the Agreement on Social Security, our economic linkages are going to get even deeper. Together, these agreements translate our shared ambition into tangible opportunities for our people.”
The Prime Minister said that CETA will give “fresh momentum to our farmers, entrepreneurs and MSMEs.”
“Several vibrant sectors will gain stronger access to the UK market. It will also deepen cooperation in technology, professional services and innovation, while supporting greater mobility for skilled Indian talent,” he wrote.
Further, he noted that 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, “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, Piyush Goyal termed the agreement as a defining milestone in India-UK relations.
“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 wrote on X.
Goyal highlighted that the FTA is expected to provide unprecedented opportunities across key sectors, such as textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed food, besides opening new avenues for India’s IT, financial, education, professional and business services sectors.
He said that this is aimed at facilitating greater mobility for Indian professionals.
“The Agreement on Social Security further strengthens this partnership by exempting Indian professionals on temporary assignments from double social security contributions for up to 5 years, enhancing the global competitiveness of our workforce,” he wrote.