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Services sector to gain most from India-UK trade pact: Goyal

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Union Minister Piyush Goyal. PTI/File
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Commerce and Industry Minister Piyush Goyal on Saturday said the services sector would emerge as the biggest beneficiary of the India-UK Comprehensive Economic and Trade Agreement (CETA), signed on Thursday. He termed the deal a “game-changer” that will unlock new opportunities across India’s economic landscape.

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India’s services trade with the UK currently stands at $33 billion, with a $6.6 billion surplus, according to the Commerce Ministry. The agreement grants India deep market access in 137 sub-sectors, including professional, business, financial and environmental services — all poised to drive investments, competitiveness and technology transfer into India.

Significantly, the UK has made strong commitments in digitally delivered services, a move expected to bolster India’s share in its $200 billion services import market, particularly in IT and business services.

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Goyal emphasised that the agreement would open doors for farmers, MSMEs, labour, youth, entrepreneurs and fishermen, while protecting sensitive sectors such as dairy, rice and sugar. The deal offers tariff-free access to 85 per cent of UK tariff lines, while eliminating duties on 99 per cent of Indian exports.

The minister also highlighted regional benefits — from pashmina and saffron in Jammu & Kashmir to the auto-component industry in Haryana — and announced plans to begin state-level stakeholder consultations to help industries understand the trade pact’s regulatory and market framework.

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Goyal noted that the pact includes a mutual review clause, allowing both nations to revisit provisions after five years, especially in light of non-tariff barriers such as the UK’s Carbon Border Adjustment Mechanism.

The India-UK CETA, in the works since January 2022, also opens new markets for British whisky and automobiles while aiming to create thousands of jobs in both countries.

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