Piyush Goyal announces deployment of 1,000 advisory personnel to help businesses maximise India-UK CETA benefits
New Delhi, June 26
Union Minister of Commerce and Industry Piyush Goyal announced the deployment of 1,000 advisory personnel across the country and the upgradation of the trade portal to help businesses maximise the benefits of the Agreement.
Goyal participated in a series of high-level engagements during the 10th Annual UK-India Week in London on Friday, highlighting the opportunities arising from the forthcoming implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) on July 15.
As India's most comprehensive free trade agreement to date, the India-UK CETA is projected to increase bilateral trade by GBP 25.5 billion annually.
Addressing the India Global Forum (IGF) Capital Frontiers Forum, Goyal said that the India-UK partnership has expanded beyond traditional trade to encompass strategic sectors such as technology, sovereign AI, critical minerals, defence and clean energy. He observed that the evolving partnership reflects the growing depth and diversity of bilateral economic engagement.
At a reception hosted by the High Commission of India and FICCI, the Minister welcomed the largest and most geographically diverse Indian business delegation to visit the United Kingdom. The delegation included significant participation from enterprises based in Tier-2 and Tier-3 cities, along with several first-time exporters.
Highlighting the benefits of the India-UK CETA for Indian professionals, Goyal said the Agreement provides a five-year exemption from social security contributions for eligible Indian professionals working in the United Kingdom, enabling them to redirect these savings into interest-bearing, tax-free provident fund accounts in India.
The Minister also emphasised the importance of strengthening sub-national economic partnerships and highlighted region-to-region linkages, including Birmingham-Gujarat and Manchester-Maharashtra, as important drivers of future bilateral growth.
Underscoring India's emergence as the world's fastest-growing major economy, Goyal encouraged businesses to showcase Brand India with confidence, leverage the country's strengths in manufacturing, services and innovation, and build enduring partnerships with businesses in the United Kingdom.
He said the India-UK CETA would enhance market access, improve the competitiveness of Indian enterprises, facilitate greater mobility for professionals and create new opportunities across goods, services and investment.
Goyal said that India today represents trust, talent, inclusive growth and a stable environment, adding that the country offers immense opportunities for global partnerships and co-creation. He emphasised that businesses should seize the opportunities emerging from India's sustained economic growth and expanding global engagement.
The Minister further said that the India-UK partnership holds immense potential for growth. He encouraged Indian businesses to emerge as early movers, adopt international quality standards and showcase Brand India globally while strengthening trade and investment partnerships with the United Kingdom.
He also underlined the role of Indian enterprises in contributing towards the country's long-term economic growth aspirations.
— ANI
Reader Comments
I appreciate the optimism, but let's be realistic. We've heard such promises before with other FTAs. The real challenge is implementation on the ground. Will these 1,000 people be well-trained? Or just another bureaucratic exercise? Also, while Birmingham-Gujarat and Manchester-Maharashtra links sound nice, small businesses in those regions need practical help with export procedures, not just fancy partnerships.
Finally some concrete action! 🎉 The GBP 25.5 billion annual boost is massive. As someone who works in IT services, the social security savings for Indian professionals is a game-changer. We can now redirect that 12% contribution back to India's PF system - smart move by the government. Also glad to see focus on technology and AI sectors, not just traditional trade.
Good initiative but where's the detailed roadmap? 😒 Just announcing 1,000 advisors sounds nice, but what sectors will they cover? Garments? Pharma? IT services? The trade portal upgrade is long overdue - our current system is so confusing even experienced exporters give up. Hope they also address the quality standards issue - many small manufacturers can't afford certification.
As someone from a Tier-2 city, this is encouraging! 🎯 Our local textile exporters have been struggling with paperwork for years. If these advisors can simplify procedures and help us understand UK market requirements, great. But please make sure they speak local languages - not everyone is comfortable with English. Also, first-time exporters need hand-holding, not just seminars.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.