The UK India Business Council (UKIBC) is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and investment.
Read more: India-UK social security pact to benefit 90-95% of Indian professionals in Britain
The India-UK Comprehensive Economic and Trade Agreement (CETA) will enter into force on July 15, Prime Minister Narendra Modi and his British counterpart Keir Starmer announced on Wednesday, nearly a year after the landmark deal was sealed.
The announcement on the coming into force of the trade pact came a day after the two prime ministers held talks on the sidelines of the G7 summit in Evian-Les-Bains in France.
The UKIBC, in a statement, said it welcomes the announcement.
The India-UK CETA is a landmark deal that promises to unlock unprecedented trade and investment opportunities between two of the world’s largest and most dynamic economies, it said.The leadership of the UK and India have repeatedly underscored the importance of building a forward-looking partnership anchored in advanced defence technology, innovation and trade collaboration, the UKIBC said.
This strategic intent has gained momentum through a series of high-level bilateral engagements in recent years, and “all echo the same sentiment”, the Council said.
Kishore Jayaraman, Group CEO, UK-India Business Council, said, “The UK-India CETA marks a historic milestone in the bilateral relationship. Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth. We congratulate both governments for their commitment and ambition in bringing this complex structure to fruition.”
Success in the CETA will support further economic growth for the world’s fourth and sixth-largest economies. It will “catalyse collaboration” into other areas too, he added.
Read more: UK Pound hits two-month low as dollar surges and BoE holds rates
“As India charges ahead towards Viksit Bharat at 2047, UKIBC and more broadly, British businesses recognise that a successful agreement is a critical milestone in a longer-term journey and are keen to support India’s ambitions. As a trusted partner to both governments and businesses, UKIBC has actively supported the CETA journey through consultation, policy input, and sector-specific insight,” Jayaraman said.
As the UK and India gear up to implement the agreement, the UKIBC will continue to support members in understanding and leveraging the provisions in the agreement with a particular focus on sectors like digital trade, services, manufacturing, education and innovation-led collaboration, it said.