The pact came into force on July 15.
The India-UK CETA was celebrated at the High Commission of India in London with a display of some of the key products already reaping the benefits of the low or no-tariff regime under the India-UK free trade agreement (FTA).
“A few consignments have already arrived under the CETA, which basically covers about 99 per cent of all the tariff lines under which India exports to the UK, and therefore we expect that the benefits will be significant,” said P Kumaran, the Indian High Commissioner to the UK.
Nysa Creations, a London-based importer of jewellery, and Odisha’s Kruti Coffee, which is set to launch its first UK cafe soon, were among the businesses proudly displaying their products that are set to benefit from CETA.
“We expect to double India-UK trade in goods and services, which is currently about 65 billion dollars, up to 100 billion dollars in the next four years by 2030; and CETA is expected to play a huge role in promoting greater awareness of the opportunities and also to help our businesses compete more effectively in each other’s markets.
“We think that this will help promote the strength of industries, manufacturing ecosystems on both sides, the ability for both to generate more employment and therefore provide larger benefits to societies in both countries,” he said. The agreement’s entry into force (EIF) was marked with a special “CETA EIF” cake-cutting ceremony alongside officials from the UK’s Department for Business and Trade (DBT).
It also witnessed the formal launch of a new Indian High Commission LinkedIn social media facilitation forum, which will serve as a dedicated platform to help businesses, exporters, importers and investors leverage its full benefits.
“It is a milestone moment for Kruti Retail Ventures as our coffee consignment is the first Indian coffee consignment to the UK under CETA, despatched from Kolkata for the opening of our first international cafe in London on August 1,” said co-founder Jeeta Mona, who presented a symbolic Kruti Coffee tin to officials at India House.
According to DBT estimates, CETA is forecast to increase bilateral trade by 25.5 billion pounds annually in the long run, while boosting India’s GDP by 5.1 billion pounds and the UK’s GDP by 4.8 billion pounds by strengthening supply chains, supporting jobs and opening new opportunities for businesses across both countries.
The event also spotlighted a toolkit collated by the Federation of Indian Chambers of Commerce and Industry (FICCI) as a guide for Indian businesses navigating the post-CETA trading regime in the UK.
‘India-UK CETA: A Guide to UK Import Requirements for Indian Exporters’ consolidates information on key UK standards and regulatory requirements to support India’s small and medium enterprises (SMEs) with their expansion plans in Britain.