India-UK trade agreement comes into force, Piyush Goyal calls it a landmark economic milestone

The India-UK Comprehensive Economic and Trade Agreement (CETA) officially came into effect on July 15, marking a major step forward in strengthening economic ties between the two countries. Union Commerce and Industry Minister Piyush Goyal described the agreement as a historic milestone that will open new opportunities for businesses, exporters, investors, and professionals in both nations.

Under the agreement, nearly 99% of Indian exports will receive duty-free access to the UK market, providing a significant boost to sectors such as textiles, engineering goods, pharmaceuticals, gems and jewellery, and agriculture. The deal is also expected to improve market access for Indian service providers while encouraging greater investment, innovation, and job creation.

In return, India will gradually reduce tariffs on selected British products, including premium automobiles and spirits, over a phased period. Officials believe the agreement will increase bilateral trade, strengthen supply chains, and enhance long-term economic cooperation between the two countries.

The implementation of CETA is expected to make India more competitive in global markets while further deepening its strategic partnership with the United Kingdom.