Business and industry groups across India and the UK welcomed the free trade agreement (FTA) coming into force on Wednesday, which is set to unleash a flurry of tariff cuts that will catalyse bilateral trade through greater two-way movement of goods and services, according to a PTI report.
The Comprehensive Economic and Trade Agreement (CETA) was signed between Prime Minister Narendra Modi and his UK counterpart Keir Starmer in July last year, following 14 rounds of negotiations. It is expected to at least double the trade between the two countries from the current annual levels of an estimated 48 billion pounds by 2030, and also boost their GDPs by nearly 5 billion pounds every year in the long run, the report said.
