By Admin 
India Britain Economic Trade Agreement: The Comprehensive Economic and Trade Agreement (CETA) between India and Britain is coming into effect from July 15. Both the countries had signed this agreement about 11 months ago. Now after completing all the formalities, it is coming into effect.
The government is calling it India’s largest and most comprehensive trade deal. Its objective is to give Indian companies easy access to big developed markets like Britain, to increase exports and to give new momentum to trade between the two countries.
Import duty abolished on 99% goods
As soon as this agreement is implemented, import duty on about 99% of the goods sent from India to Britain will be abolished. This means that Indian companies will be able to sell their goods at lower prices than before and their competition in the British market will increase.
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Which sectors will get benefit?
Its biggest advantage…
- fabric
- readymade garment
- leather
- Shoes
- Gems and Jewelery
- engineering goods
- auto parts
- medicines
- chemical
- processed food
- Marine Products
- toys
- And sectors like sports goods will get it.
This agreement is also important for India because Britain is among the largest economies of the world. Currently there is annual trade of about 56 billion dollars (including goods and services) between the two countries. In this, trade in goods alone is worth about 23 billion dollars. Now the target is to double this business by 2030.
The benefit of this deal will not be limited to just selling goods. Britain has opened 12 big service sectors and 137 sub-sectors for India. This will create new opportunities for Indian companies and professionals working in IT, ITES, Financial Services, Telecom, Education, Healthcare, Engineering, Accountancy and Professional Services.
There will be savings of Rs 4000 crore
Indian professionals working temporarily in Britain will also get big relief from July 15. Under the Double Contribution Convention (DCC), they will not have to contribute to Britain’s social security for a specified period. According to the government, this will benefit more than 75 thousand Indian employees and more than 900 Indian companies and it is estimated that there will be a saving of more than Rs 4,000 crore.
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On the other hand, India will also reduce import duty on many products coming from Britain. Its effect will gradually be visible in the market. Scotch whiskey, gin, chocolate, biscuits, cosmetics and a certain number of imported British cars may be cheaper than before, although the duty reduction on these will be done in a phased manner, hence the change in prices will also be visible gradually.
Milk, dairy products, grains out of agreement
MSMEs, farmers, fishermen, textile industry, leather industry, pharmaceutical companies and auto parts manufacturing companies are expecting the most benefits from this agreement. At the same time, India has kept milk, dairy products, grains, pulses, coarse grains, edible oils, apples and some other sensitive agricultural products out of this agreement so that the interests of domestic farmers can be protected.
The government believes that this trade deal will increase India’s exports, bring investment, create new employment opportunities and strengthen the share of Indian companies in a big market like Britain. At the same time, common people can also get some British products at cheaper prices than before.