The India-UK Comprehensive Economic and Trade Agreement, known as CETA, came into force today, July 15. Defence Minister Rajnath Singh marked the occasion with a post on the social media platform X, saying the deal marks a significant step in strengthening India's economic growth and global partnerships.
What the agreement changes
According to Rajnath Singh, the agreement will boost exports, create new opportunities for MSMEs, support Indian industries and benefit people directly. News reports have described it as one of the most ambitious and aspirational free trade agreements, or FTAs, signed so far, opening new avenues for trade and investment between the two countries.
What gets cheaper from the UK
According to news reports, the agreement is expected to make goods coming from the UK such as Scotch whisky, cars and chocolates cheaper in India, as import duties on these items are being reduced. Better market access between the two countries is also expected to give Indian companies new opportunities in the UK market.
Which sectors and states stand to gain
Reports indicate that rising exports will give Indian industries improved market access. States like Telangana are seen as particularly well placed to benefit from the agreement, given their industrial and export base is considered favourable for this kind of trade deal.
Piyush Goyal also welcomes the move
Commerce Minister Piyush Goyal also welcomed the agreement coming into force today, calling it a major achievement for the India-UK trade partnership.
Public reaction
Rajnath Singh's post drew largely positive reactions on social media, with many users welcoming the move and calling it a big achievement for the country.
