India requests UK to fast-track process to operationalise trade pact: Commerce Secretary
Commerce Secretary Sunil Barthwal
said on Thursday.
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The India-UK comprehensive economic and trade agreement (CETA) was signed on July 24. It needs approval from UK Parliament for implementation.
He said if in the next six months, the India-UK trade agreement gets operationalised, it will immediately provide zero duty access to Indian exports in Britain, so any disadvantage from tariff differential that the Indian exports may face in the US would get covered in the UK.
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"We have also requested the Uk to fast-track so that it comes into force as early as possible," Barthwal told reporters here.
On July 24, India and the UK signed a landmark free trade agreement, which, starting next year, will see 99 per cent of Indian exports enter the UK duty-free, while reducing tariffs on British products such as cars and whisky in the Indian market.
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While India has opened its market to various consumer goods, including chocolates, biscuits, and cosmetics, it will gain greater access to export products such as textiles, footwear, gems and jewellery, sports goods, and toys.
Also, Indian companies, such as
TCS
and
Infosys
, operating in the UK won't have to make social security contributions for up to three years for employees who move from India.
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