India-UK trade deal must focus on business adoption, jobs, and investment: Commerce Secretary
India flags off first consignments to the UK under preferential tariff regime on Day 1
Commerce Secretary Rajesh Agarwal said on Wednesday that with the India-UK Comprehensive Economic and Trade Agreement (CETA) now in effect, the emphasis must move from talks to implementation, with business adoption, employment and investment serving as the ultimate indicators of its success.
Speaking at a press conference to commemorate the implementation of the India-UK CETA, Agarwal stated that the deal marks the start of a new stage in India-UK economic relations and urged business to turn the potential it creates into real results.
With FTA coming into effect from Wednesday, India flagged off shipments to the UK, allowing goods from both countries to get preferential tariffs.
Many cities around the country, including Delhi, Coimbatore, Hyderabad and Jammu, had flag-off ceremonies.
Agarwal said a large number of shipments are being shipped to the UK on day one from various regions of India. Under the CETA, items valued at over USD 140 million were delivered to the United Kingdom. Certificates of origin and assistance with customs are offered.
“More than 800 technical sessions were held over 14 formal rounds of negotiations,” he stated, emphasising the efforts made to complete the agreement. Reaching a consensus is just one aspect of the task, he continued.
The next step, according to Agarwal, should be for both nations to assess how the trade agreement has improved people’s lives after a year. To assist industrial clusters in comprehending the advantages of the agreement, the Department of Commerce will collaborate with export promotion councils.
Meanwhile, UK High Commissioner to India Lindy Cameron said the deal establishes the groundwork for further economic collaboration and represents a significant turning point in bilateral ties.
“This is one of the biggest trade deals of modern times... It provides the framework that will allow our businesses to trade more, invest more, innovate more, and grow better together,” Cameron said.
She added that the impact of the deal would eventually be determined by the opportunities it generates. The companies that comply with this agreement, the employment it creates, the investment it draws, and the long-term prosperity it brings to both countries will all be used to measure its success.
