New Delhi | The India-UK trade deal will provide duty-free access to several domestic sectors such as leather, electrical machinery and chemicals in the British market, thus unlocking nearly USD 23 billion in opportunities, Commerce and Industry Minister Piyush Goyal said.
The pact, officially called Comprehensive Economic and Trade Agreement (CETA), was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.
"Duty-free access for about 99 per cent of Indian exports unlocks nearly USD 23 billion in opportunities for labour-intensive sectors, marking a new era for inclusive and gender-equitable growth," Goyal said in a post on X.
Artisans, weavers, and daily-wage labourers employed in several MSMEs across textiles, leather, footwear, gems and jewellery, toys, and marine products will step into a new phase of prosperity, he said.
This agreement, Goyal said, will ensure duty-free exports of nearly 95 per cent of agricultural products, while fisherfolk gain from zero duty on 99 per cent of marine exports, boosting their incomes.
"The deal will also have a transformative impact on manufacturing-intensive sectors like engineering goods, electronics, pharma, chemicals, food processing, and plastics. This agreement will also provide Indian consumers high quality goods at competitive prices," he added.
Goyal also said that India's talent in IT, services, and education will gain from easier access to the UK's high-value markets.
"The three-year exemption from social security contributions in the UK as part of the Double Contribution Convention is a significant breakthrough for Indian workers and their employers," he said adding chefs, yoga instructors, musicians and business visitors will also be benefitted from the pact.
India's exports to the UK rose by 12.6 per cent to USD 14.5 billion, while imports grew by 2.3 per cent to USD 8.6 billion in 2024-25.
The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23