Latest news with #India-UKTradeDeal
Time of India
2 days ago
- Business
- Time of India
India-UK trade deal: British firms get telecom, construction access; no local office needed in India
India-UK Trade Deal (AI image) The recently signed free trade agreement between India and the United Kingdom will allow British companies to deliver services like telecom and construction within India without the need to establish a base in the country. As per news agency PTI, these firms will receive national treatment, meaning they'll be treated at par with Indian service providers. The deal, officially called the Comprehensive Economic and Trade Agreement (CETA), was signed in London on Thursday. However, it may take up to a year to be fully implemented, as it awaits approval from the UK Parliament. The services chapter is considered a key part of the pact, given the strengths both countries hold in the sector. According to the commerce ministry, the UK has agreed to provide wide-ranging market access in 137 service sub-sectors, while India has reciprocated with commitments in 108. These cover areas such as accounting, auditing, financial services (with 74 per cent FDI cap), telecom (with 100 per cent FDI permitted), environmental services, and auxiliary air transport services. India currently enjoys a trade surplus of around $6.6 billion with the UK. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pirates Climb Aboard Cargo Ship - Watch What The Captain Did Next Tips and Tricks Undo Its services exports were valued at $19.8 billion, while imports stood at $13.2 billion. As per PTI, commerce and industry minister Piyush Goyal said the agreement has safeguarded India's sensitive sectors like dairy, rice, and sugar. He said, 'Zero compromise and extensive benefits make it a phenomenal free trade agreement.' He also emphasised that the pact opens the door for India to engage more deeply with the developed world. Goyal noted that the FTA would be particularly helpful for labour-intensive sectors such as textiles, footwear, and gems and jewellery. Additionally, the deal includes a social security arrangement that will benefit Indian professionals on short-term contracts in the UK, allowing them to pay into India's provident fund instead of losing a chunk of their earnings to UK's national insurance contributions. He also clarified that legal services have been excluded from the scope of this agreement. Although the deal opens up India's automobile sector, Goyal said this had been done in an 'intelligent' manner to ensure India's interests are protected. He plans to hold consultations with various industries and travel to states to spread awareness about the benefits of the agreement. The India-UK trade deal, Goyal said, could set a benchmark for future free trade agreements, as it balances protection for local sectors with expanded access to high-quality foreign goods and services. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
5 days ago
- Business
- Economic Times
Indo-UK trade deal paves way for collaborations in bulk drugs, research
India-UK Trade Deal (AI image) The India-Uk trade deal will pave the way for collaborations in bulk drug imports, contract research and manufacturing segment, and bolster joint research, Pharmexcil said on Thursday. In a statement, Pharmaceuticals Export Promotion Council of India (Pharmexcil) Chairman Namit Joshi said the India-UK Free Trade Agreement (FTA) marks a pivotal milestone in economic cooperation, particularly in the pharmaceutical sector. With India's pharmaceutical exports to the UK reaching USD 914 million in FY24, the agreement strengthens supply chains, enhances access to affordable medicines, and drives foreign direct investment (FDI), he partnership paves the way for collaborations in bulk drug imports, CDMO, and joint research, empowering India's competitive edge and promoting global partnerships, Joshi Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said the trade deal will open up trade and economic opportunities between the two countries. As per the indications, the pharma sector will have opportunities to supply affordable and quality assured medicine, contributing to better patient care in the UK, he Indian pharmaceutical industry is the world's third-largest by volume and 14th largest in terms of pharmaceutical exports rose 10 per cent year-on-year to USD 30.5 billion in India Partner Neha Aggarwal said the FTA is poised to unlock major opportunities for Indian exports of generics and medical devices with reduced tariffs, faster regulatory approvals, and a balanced IP regime, ensuring that Indian manufacturers can scale competitively in the UK companies would similarly benefit from improved market access and an IP protection regime, she Technology Association of India Chairman Pavan Choudary noted that the agreement goes beyond tariff reductions and signals India's strategic ascent as a trusted partner in the global healthcare and technology value chain."As part of this agreement, import duties on MedTech products will be reduced from approximately 15 per cent to around 3 per cent, significantly lowering costs and improving access to advanced medical technologies," he partnership also opens doors for technology transfers, joint ventures, and skilling, which is a key ingredient for building a resilient healthcare ecosystem for both countries, he stated. The current market size of the medical devices sector in India is estimated to be USD 11 billion and is expected to reach USD 50 billion by 2030.
Time of India
6 days ago
- Business
- Time of India
India-UK trade deal signed: Landmark multi-billion dollar free trade agreement sealed during PM Modi's visit; all about the FTA
India-UK Trade Deal (AI image) India-UK free trade deal: In a historic step, the India-UK free trade agreement (FTA) was signed in the presence of PM Narendra Modi and UK PM Keir Starmer. The trade deal which was agreed upon in May this year, was signed on Thursday during PM Modi's visit to the United Kingdom. The agreement has been finalized with an aim to enhance bilateral trade to $120 billion by 2030, effectively doubling the current trade volume between both nations. The free trade agreement signed today will help in facilitating reduced tariffs on exports of labour-intensive goods including leather, footwear and clothing, whilst reducing import duties on British whisky and automobiles. The trade agreement was formalised with Prime Minister Narendra Modi and British Prime Minister Keir Starmer in attendance, with Commerce and Industry Minister Piyush Goyal and British counterpart Jonathan Reynolds signing the document. The agreement requires the British Parliament's endorsement before implementation, a process anticipated to take approximately one year, according to a PTI report. India-UK Trade Deal: All About The FTA The agreement ensures that 99% of exports from India would receive duty-free access to British markets. Such bilateral trade arrangements typically involve both doing away with or substantially lowering customs duties on the majority of traded goods. Additionally, they aim to simplify regulations in order to encourage service trade and mutual investments. The India-UK FTA has sections addressing different aspects of trade; this includes goods, services, innovation, government procurement, and intellectual property rights. The FTA's key provisions include halving import duties on UK-produced whisky and gin from 150% to 75%to begin with, followed by a further decrease to 40% within a decade. Additionally, tariffs on automobiles will see a big reduction from over 100% to 10%. This is subject to quota restrictions. The agreement also aims to facilitate market access and cost-effective trade for businesses and Indian consumers via reduced import duties on various products. These include cosmetics, aerospace components, lamb, medical equipment, salmon, electrical machinery, soft drinks, chocolate and biscuits. The agreement will create export prospects for domestic sectors that employ substantial workforce, encompassing textiles, marine products, leather goods, footwear, sports equipment and toys, gems and jewellery, engineering products, automotive components and engines, alongside organic chemicals. The services component of the trade deal will facilitate the movement of diverse professionals, including independent professionals—such as yoga instructors, musicians, and chefs—business visitors, investors, contractual service suppliers, intra-corporate transferees, as well as their partners and dependent children who are granted the right to work. India and the UK have also finalized discussions on the Double Contribution Convention Agreement, which is also known as the social security agreement. This arrangement would mean that Indian professionals working temporarily in Britain will not have to make duplicate payments towards social security funds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo India's exports to the UK saw a growth of 12.6% reaching $14.5 billion, whilst imports showed an increase of 2.3% to $8.6 billion in 2024-25. The trade volume between India and the UK expanded to $21.34 billion in 2023-24, showing an improvement from $20.36 billion in 2022-23. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
