India, UK agree to exchange annual data on trade pact utilisation by businesses
New Delhi, Oct 12 (PTI) India and the UK on Monday agreed to exchange data annually on the use of their Comprehensive Economic and Trade Agreement (CETA), including businesses' claims for lower tariffs and feedback on implementation, starting a year after the pact comes into forc
New Delhi, Oct 12 (PTI) India and the UK on Monday agreed to exchange data annually on the use of their Comprehensive Economic and Trade Agreement (CETA), including businesses' claims for lower tariffs and feedback on implementation, starting a year after the pact comes into force, to help more firms benefit, according to a joint statement. The CETA, a kind of free trade pact, came into force on July 15 this year. The pact grants duty-free entry of 99 per cent of Indian goods into the British
New Delhi, Oct 12 (PTI) India and the UK on Monday agreed to exchange data annually on the use of their Comprehensive Economic and Trade Agreement (CETA), including businesses' claims for lower tariffs and feedback on implementation, starting a year after the pact comes into force, to help more firms benefit, according to a joint statement.
The CETA, a kind of free trade pact, came into force on July 15 this year.
The pact grants duty-free entry of 99 per cent of Indian goods into the British market. Similarly, 90 per cent of UK goods are entering India either duty-free or at reduced tariffs. It is benefiting a wide range of sectors on both sides, including automotive, manufacturing, consumer goods, creative industries, and medical technology.
"We agreed that we will exchange data annually starting one year after the date of entry into force of the CETA on how businesses are using the agreement. This will include data on how often businesses claim CETA's lower tariffs, alongside business feedback on what is working well and where further support is needed," said the statement issued after the 16th meeting of the India-UK Joint Economic and Trade Committee (JETCO).
This will, it said, give a shared picture of priorities and show where the two countries can help more companies, especially small and medium-sized businesses, take advantage of the agreement.
