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India-UK Trade Deal Signals Modi's Priorities
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Britain and India signed a landmark free trade agreement on Thursday during a visit to the UK by Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses.
The Comprehensive Economic and Trade Agreement (CETA) between India and the UK aims to enhance e-commerce exports by exempting certain imports from proof of origin.
The agreement promises duty-free access to UK markets for several sectors that form the backbone of Punjab’s economy, including textiles, cycle parts, auto components, sports goods, and agribusiness.
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India–UK Trade Deal Unlocks $122 Billion In UK Government Contracts For Indian CompaniesThe market access under the pact is limited to a few central government entities with higher thresholds around Rs 250 crore across goods, services and construction services.
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Indian exports are set to benefit from duty elimination on about 99 percent of the tariff lines, covering almost 100 percent of the trade value, especially aiding labour-intensive shipments of textiles,
Commerce and Industry Minister Piyush Goyal on Saturday said the India-UK trade deal can serve as a gold standard for India’s trade negotiations with other partners, as it opens India’s doors for business while protecting sensitive sectors.
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India-UK FTA A Historic 'Win-Win Deal', Secures 99 Per Cent Duty Free Access, Says Piyush GoyalSpeaking in New Delhi, Goyal stressed that the deal would unlock “immense opportunities” for India’s farmers, fishermen, young professionals, MSMEs, and the business community.
Based on the key features of the DCC highlighted in the side letters, let's examine the implications for Indian employees assigned to work in the UK.
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