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Welcoming the India-UK Free Trade Agreement (FTA), Harsh Pati Singhania, Chairman and Managing Director of JK Paper, has said it is a big step forward for businesses and strengthens economic ties between the two countries.
He said the deal will boost business growth, enhance confidence among Indian companies, and bring relief to Indian professionals working in the UK by addressing issues related to the social service tax. "UK products will get access in our Indian markets and our Indian products will get access in the UK Markets. This will help our businesses grow and increase our confidence. Another significant thing is that the people who go to work in the UK for 2-3 years will not suffer anymore because of the social service tax. It is a very big step forward," Singhania said. India and the United Kingdom took a big step last week in building a stronger economic partnership with the signing of the Comprehensive Economic and Trade Agreement (CETA). The agreement was signed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade, Jonathan Reynolds in the presence of the two Prime Minister Narendra Modi and his UK counterpart Keir Starmer The FTA marks a significant milestone in India's engagement with major developed economies and reflects a shared commitment to strengthening economic integration. As the world's fourth and sixth largest economies respectively, India and the UK's bilateral engagement holds global economic significance. The signing of the India-UK CETA follows the successful conclusion of negotiations announced on 6th May 2025. The bilateral trade between the two countries stand at nearly USD 56 billion, with a joint goal to double this figure by 2030. CETA secures unprecedented duty-free access for 99% of India's exports to the UK, covering nearly the entire trade basket. This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals. The services sector, a strong driver of India's economy, will also see wide-ranging benefits. The agreement provides greater market access in IT and IT-enabled services, financial and legal services, professional and educational services, and digital trade. Indian professionals, including those deployed by companies to work in UK across all services sectors, professionals deployed on contracts such as architects, engineers, chefs, yoga instructors, and musicians, will benefit from simplified visa procedures and liberalised entry categories, making it easier for talent to work in the UK. The two countries had in May announced the successful conclusion of a mutually beneficial FTA. (ANI)
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