India-UK Trade Pact Takes Effect: PM Modi Promises Deeper Economic Links
Prime Minister Narendra Modi on Wednesday hailed the India-UK Comprehensive Economic and Trade Agreement (CETA), stating that economic ties between the two nations are set to deepen further. The remark came as the free trade agreement officially came into force on Wednesday.
Calling the trade deal a 'significant moment', PM Modi said, 'With the coming into force of the Comprehensive Economic and Trade Agreement and the Agreement on Social Security, our economic linkages are going to get even deeper. Together, these agreements translate our shared ambition into tangible opportunities for our people.'
The agreement is expected to boost bilateral trade, which currently stands at around $50 billion annually. Key sectors set to benefit include services, technology, and manufacturing. The social security agreement will also ease movement of professionals between the two countries.
Analysts note that the pact marks a major step in post-Brexit UK's trade strategy, as it seeks stronger ties with Commonwealth nations and emerging economies. For India, it aligns with its goal of expanding export markets and attracting foreign investment.
The implementation follows years of negotiations and is seen as a milestone in India-UK relations. Both governments have emphasized that the deal will create jobs and foster innovation.
Critics, however, have raised concerns about potential impacts on domestic industries and the need for balanced benefits. The Indian government has assured that adequate safeguards are in place.
Overall, the agreement is expected to strengthen economic cooperation and set a precedent for future trade deals.
