New Delhi, July 15 (IANS). The comprehensive economic and trade agreement between India and Britain came into effect from Wednesday. Leading industry organizations say that this agreement will open new opportunities for Indian exporters, strengthen technology partnerships and play an important role in enhancing the competitiveness of Indian industries in the global market.
On the occasion of the implementation of the agreement, the PHD Chamber of Commerce and Industry (PHDCCI) released a research report titled ‘India-UK CETA: A Strategic Guide for Export Opportunities and Market Access’. The report provides a detailed analysis of bilateral trade, competitiveness of various sectors, technical cooperation, market access and policy measures required to maximize benefits from the agreement.
According to the report, India’s exports to the UK are now increasingly moving towards high-value manufacturing products, which has been significantly contributed by the Production Linked Incentive (PLI) scheme, industrial policies and the increasing competitiveness of the manufacturing sector.
The report said smartphones, pharmaceuticals, aluminum oxide, petroleum products, engineering goods, machinery parts, footwear and processed agricultural products have become among the fastest growing export sectors of India.
PHDCCI President Rajeev Juneja said India-UK CETA has the potential to transform bilateral trade from a traditional commodity-based relationship to a technology-based strategic economic partnership. He said that India’s growing manufacturing capacity and Britain’s expertise in innovation and advanced technology together create huge opportunities to increase exports, attract investment and strengthen India’s participation in global value chains.
Dr. Ranjit Mehta, Secretary General and Chief Executive Officer (CEO), PHDCCI, said that this agreement will provide an important platform for Indian industries to diversify their export markets and gain competitive edge in fast-growing sectors such as electronics, pharmaceuticals, engineering products, specialty materials and digital services.
Similarly, Confederation of Indian Industry (CII) Director General Chandrajit Banerjee also described the implementation of this agreement as a historic achievement. He said that this will further strengthen economic relations between India and Britain and create new business opportunities for Indian industries.
Banerjee said that this agreement is also proof that India is now moving towards balanced and high-quality trade agreements that strengthen the global competitiveness of Indian companies while protecting national interests.
–IANS
DBP
