India-UK CETA to unlock new export, technology opportunities for Indian industry: Industry chambers

New Delhi, July 15 (IANS) The India-UK Comprehensive Economic and Trade Agreement (CETA), which came into effect on Wednesday, will open up new opportunities for Indian exporters, deepen technology partnerships and enhance the country’s global competitiveness, leading industry chambers said on Wednesday.

Marking the implementation of the trade pact, PHDCCI released a research report titled ‘India–UK CETA: A Strategic Guide to Export Opportunities and Market Access’, providing an assessment of the agreement’s impact on bilateral trade, sectoral competitiveness, technology collaboration, market access and policy measures needed to maximise its benefits.

The report noted that India’s export basket to the UK is increasingly moving towards higher-value manufacturing products, supported by production-linked incentive (PLI) schemes, industrial policies and improved manufacturing competitiveness.

Smartphones, pharmaceuticals, aluminium oxide, petroleum products, engineering goods, machinery components, footwear and processed agricultural products have emerged among the fastest-growing export segments.

PHDCCI President Rajeev Juneja said the India-UK CETA has the potential to transform bilateral trade from a conventional goods-based relationship into a technology-driven strategic economic partnership by combining India’s growing manufacturing strength with the UK’s leadership in innovation.

“The India–UK CETA has the potential to transform bilateral trade from a traditional goods-based relationship into a technology-driven strategic economic partnership. India’s growing competitiveness in manufacturing, combined with the UK’s strengths in innovation and advanced technologies, creates significant opportunities for expanding exports, attracting investment and integrating into global value chains,” Juneja added.

PHDCCI Secretary General and CEO Dr Ranjeet Mehta said the agreement provides Indian industry with an important platform to diversify export markets and strengthen competitiveness in high-growth sectors such as electronics, pharmaceuticals, engineering goods, speciality materials and digital services.

Echoing similar views, CII Director General Chandrajit Banerjee described the operationalisation of CETA as a landmark milestone that would strengthen bilateral economic ties and improve the global competitiveness of Indian enterprises.

“The operationalisation of the India-UK CETA is a landmark milestone that will significantly strengthen bilateral economic relations and create new opportunities for Indian industry,” he said.

“The Agreement reflects India’s growing confidence in securing balanced, high-quality trade outcomes that enhance the global competitiveness of Indian enterprises while safeguarding national interests,” he added.

–IANS

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