India-UK trade agreement a game-changer for labour, MSMEs and startups: Piyush Goyal

London, July 24 (IANS) In a major milestone for India's global trade ambitions, Union Commerce and Industry Minister Piyush Goyal on Thursday hailed the India-UK comprehensive economic and trade agreement (CETA) as a ‘historic leap’ that will empower workers, farmers, MSMEs, and startups across the country.

Congratulating Prime Minister Narendra Modi, UK Prime Minister Keir Starmer, and citizens of both nations, Goyal said the agreement unlocks duty-free access for 99 per cent of Indian exports to the UK -- opening up nearly $23 billion worth of new opportunities, especially for labour-intensive industries.

Signed in the presence of both Prime Ministers, the agreement marks a new chapter in India’s trade relations with developed nations.

It was inked by Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds after negotiations concluded earlier this year.

"This deal will transform the lives of artisans, weavers, and daily-wage earners employed in sectors such as textiles, leather, footwear, gems and jewellery, toys, and marine products," Goyal said in a post on social media platform X.

"From village looms to tech labs, this FTA empowers women through improved financial access and deeper global integration," he added.

Agriculture is another big winner under the deal, with nearly 95 per cent of Indian farm products gaining duty-free access to the UK.

Fisherfolk too will benefit from zero duty on 99 per cent of marine exports. Goyal stressed that the agreement supports "inclusive and gender-equitable growth", helping create a more resilient economy from the grassroots up.

Beyond traditional sectors, the pact is expected to boost engineering goods, electronics, pharma, chemicals, plastics, and food processing industries -- all critical to India’s manufacturing future. It will also make high-quality UK goods more affordable for Indian consumers.

The services sector, one of India’s economic powerhouses, is set to gain from better access to UK markets in IT, finance, education, and legal services.

Simplified visa rules and liberal entry norms will ease the path for Indian chefs, yoga instructors, musicians, business visitors, and professionals across sectors.

Another key highlight is the Double Contribution Convention, which exempts Indian professionals and their employers from paying social security contributions in the UK for three years.

Goyal called it a “significant breakthrough” that enhances the cost competitiveness of Indian talent abroad.

The agreement also opens doors for Indian startups, providing them access to UK investors and innovation hubs, thereby expanding their global footprint.

According to Goyal, CETA is a “win-win” for the government’s flagship initiatives like ‘Make in India’ and ‘Vocal for Local,’ as it drives job creation and strengthens India’s strategic position in global trade.

--IANS

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