New Delhi [India], June 18 (ANI): British High Commissioner to India Lindy Cameron on Thursday said that the upcoming implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) on July 15 is set to serve as the cornerstone of the “Vision 2035" strategic partnership between the two nations.
Speaking with ANI, Cameron characterised the agreement as a transformative deal that will bolster long-term GDP growth for both nations by approximately five billion pounds, adding that it will foster a more “confident" and expansive bilateral relationship.
“This is a key part of our Vision 2035 strategic partnership between the UK and India. Getting the best economic growth for both of our countries and it’s an amazing deal. This will be, I think, almost five billion pounds worth of benefit in GDP terms to both economies in the long run. So we see it as critical to the wider relationship, but it’s also unlocked a wider and more confident partnership," she affirmed.
The High Commissioner emphasised that the impact of the deal will extend well beyond traditional commerce, acting as a key that unlocks potential across a wide range of sectors, including defence, education, technology, science, etc.
“We can see potential benefits in defence. I had a Rolls-Royce here this week, for example, talking to the government. We see the benefits in education. We’ve got nine British universities that are again queuing up to start to educate young Indians in India. So we’re seeing the benefit across a whole range of sectors, including, of course, technology and science. We had the AI conference earlier this year here in Delhi, where we saw a brilliant range of businesses wanting to partner," she stated.
She added that the deal has transformed the political confidence in the relationship, which she noted was clearly reflected in the warmth between the two Prime Ministers at the recent G7 summit.
“So it’s changed the political confidence in the relationship. You saw the warmth at the G7. Our two prime ministers there are patting each other on the back, really excited about the potential of the deal that they personally have driven across the line," he said.
Regarding practical changes for businesses and skilled workers starting July 15, the High Commissioner noted that the deal includes a specific quota for professions such as yoga instructors and musicians. She further emphasised that improvements to wider business mobility and the introduction of a “double contribution convention" will be particularly beneficial.
“So there’s a specific quota for some very specific professions, Yoga instructors, musicians, for example, improvement on the wider business mobility and of course, the double contribution convention will mean that businesses sending their employees to work in the other jurisdiction don’t have to pay national insurance twice," she said.
Announced after a breakthrough between Prime Minister Narendra Modi and UK Prime Minister Keir Starmer at the G7 Summit, the deal aims to double bilateral trade to $100-$120 billion by 2030.
Earlier, senior government sources told ANI that the government is working to ensure that customs notifications and related processes are put in place so that exporters can start availing concessions from day one, senior government sources told ANI.
“Government is working towards getting customs notifications and processes in place. The effort will be to see that exporters are able to sell their consignments on July 15 itself, availing concessions," sources said.
Describing the pact as a landmark achievement, government sources said, “India-UK CETA is the most aspirational agreement so far," adding that it opens up a market worth over USD 500 billion for Indian businesses.
The agreement is expected to provide an additional tariff advantage of 7-10 per cent to Indian exporters, bringing India at par with several other countries that already enjoy zero-duty access to the UK market. Sources said over 99 per cent of India’s tariff lines and 99 per cent of India’s trade would come down to zero duty under the pact. (ANI)
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