'Gold standard' India-U.K. trade deal comes into effect today
The India-U.K. Comprehensive Economic and Trade Agreement (CETA) and the Double Contribution Convention (DCC) are set to come into force today, described by Commerce Secretary Rajesh Agrawal as a 'gold standard' and one of India's most ambitious FTAs. The CETA will see the U.K. immediately eliminate tariffs on 96.8% of its lines, while India will do so on 30.3%. The DCC is a 'game changer' for India's services sector, exempting Indian workers and employers from double social security contributions for five years, benefiting over 75,000 Indian workers.
Key Points
- The India-U.K. Comprehensive Economic and Trade Agreement (CETA) and Double Contribution Convention (DCC) come into force today.
- The CETA is hailed as a 'gold standard' and one of India's most ambitious free trade agreements.
- The U.K. will immediately eliminate tariffs on 96.8% of its tariff lines, covering 97.7% of trade value.
- India will immediately eliminate tariffs on 30.3% of trade value, with more eliminations phased in.
- The DCC will exempt Indian workers and employers from paying double social security contributions for five years, benefiting over 75,000 Indian workers.
Exam Facts
- The India-U.K. CETA and DCC were signed in July last year.
- Commerce Secretary Rajesh Agrawal described the deals.
- The U.K. will eliminate tariffs on 96.8% of its tariff lines.
- India will eliminate tariffs on 30.3% of its trade value immediately.
- The DCC will benefit over 75,000 Indian workers and 900 employers.
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