New Delhi, Jul 15: Prime Minister Narendra Modi on Wednesday termed the operationalisation of the India-United Kingdom Comprehensive Economic and Trade Agreement (CETA) and the Agreement on Social Security a significant moment in the bilateral ties.
He said the economic linkages between the two nations are going to get even deeper and will translate the shared ambition into tangible opportunities for the people.
Modi also said that the CETA will give a fresh momentum to farmers, entrepreneurs and MSMEs, besides several vibrant sectors will gain stronger access to the UK market.
He said it will also deepen cooperation in technology, professional services and innovation, while supporting greater mobility for skilled Indian talent.
“This is a significant moment in the India-United Kingdom partnership! 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,” he said in a post on ‘X’.
The prime minister said the social security agreement will provide invaluable support to Indian professionals working temporarily in the UK and strengthen the competitiveness of Indian enterprises.
“This moment reflects the trust between our democracies and our resolve to build a forward-looking partnership driven by trade, technology, investment and innovation. India and the UK will continue working together for shared prosperity,” he said.
The free trade agreement between the UK and India came into force on Wednesday and is set to unleash a flurry of tariff cuts that will catalyse bilateral trade through greater two-way movement of goods and services.
The CETA was signed in July last year.
It is expected to at least double the trade between the two countries from the current annual levels of estimated 48 billion pounds by 2030, and also boost their GDPs by nearly five billion pounds every year in the long run. (PTI)
