New Delhi: India and UK Monday agreed to exchange data annually on the use of their Comprehensive Economic and Trade Agreement (CETA), including businesses’ claims for lower tariffs and feedback on implementation, starting a year after the pact comes into force, to help more firms benefit, according to a joint statement.
The CETA, a kind of free trade pact, came into force July 15 this year.
The pact grants duty-free entry of 99 per cent of Indian goods into the British market. Similarly, 90 per cent of UK goods are entering India either duty-free or at reduced tariffs. It is benefiting a wide range of sectors on both sides, including automotive, manufacturing, consumer goods, creative industries, and medical technology.
“We agreed that we will exchange data annually starting one year after the date of entry into force of the CETA on how businesses are using the agreement. This will include data on how often businesses claim CETA’s lower tariffs, alongside business feedback on what is working well and where further support is needed,” said the statement issued after the 16th meeting of the India-UK Joint Economic and Trade Committee (JETCO).
This will, it said, give a shared picture of priorities and show where the two countries can help more companies, especially small and medium-sized businesses, take advantage of the agreement.
Commerce and Industry Minister Piyush Goyal and Jonathan Reynolds MP, Secretary of State for Business, Innovation, Science and Trade of the United Kingdom, chaired the meeting.
“The first tariff-free Scottish salmon reached India from the UK within a fortnight (of the implementation of the pact), with several thousand kilos exported since. Scotch whisky has also entered the Indian market under reduced tariffs, and the first cars exported under the tariff-rate quota have cleared customs and been imported into India,” it said.
On the day the pact entered into force, Indian exporters sent more than 50 consignments to the UK, including electronics such as smartphones, electrical and mechanical machinery including turbojets, gold jewellery, ready-made garments, woollen yarn, tea and coffee.
“We also agreed a plan to ensure the continued smooth operation of CETA, including establishing its committees and working groups and confirming government-to-government contact points for every part of the agreement,” it said.
Further, the two sides agreed to build on the trade pact and deepen cooperation across services, innovation, government procurement, science and technology, and gender, with greater business-to-business engagement and enhanced regional partnerships.
The 17th JETCO will take place in the United Kingdom in 2027.
PTI
