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Nasscom terms India-UK FTA landmark, welcomes removal of double contribution burden

YourStory

YourStory · 2m ago

Nasscom terms India-UK FTA landmark, welcomes removal of double contribution burden

The India-UK Free Trade Agreement (FTA) is hailed as a landmark by the Indian tech industry. It eliminates double contribution burdens, enhancing trade in services and cross-border innovation. The FTA facilitates collaboration in AI, cybersecurity, and digital transformation, boosting opportunities for startups and skilled professionals. The agreement strengthens India's role as a global services provider and promotes Indian talent in the UK. NASSCOM pledges to leverage the FTA to bolster bilateral trade and innovation.

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Related News

UK-India Week hears how FTA concluded over ice creams in London's Hyde Park

Economic Times

Economic Times · 1m ago

UK-India Week hears how FTA concluded over ice creams in London's Hyde Park

India and the UK concluded a landmark Free Trade Agreement (FTA) during a walk in London's Hyde Park, where Indian Commerce Minister Piyush Goyal was treated to ice cream by his UK counterpart, Jonathan Reynolds. The FTA, expected to double bilateral trade to USD 120 billion by 2030, ensures stable tariff rates and encourages investment and collaboration. Goyal emphasized the FTA’s benefits and addressed misconceptions about temporary workers related to social security taxes.

India–UK FTA paves way for £25.5 bn trade boost: SBI report

Business Today

Business Today · 2m ago

India–UK FTA paves way for £25.5 bn trade boost: SBI report

India and the UK have reached a landmark Free Trade Agreement (FTA) after about three years of negotiations. This agreement reduces tariffs on 90% of goods, significantly impacting bilateral ties in the post-Brexit and post-globalisation context. The FTA is noteworthy as it involves two of the world's largest economies and occurs amidst a challenging global trade environment influenced by previous tariff decisions by the US.

India, UK start a new chapter with FTA

Economic Times

Economic Times · 9d ago

India, UK start a new chapter with FTA

India and the UK signed a Comprehensive Economic and Trade Agreement (CETA) aiming to double trade to $100 billion by 2030. The agreement, marking India's 16th trade pact, removes duties on Indian exports like leather and clothing, while UK imports like whisky and cars get reduced tariffs. The deal, signed amidst Brexit, enhances trade prospects, provides duty-free access for Indian agricultural products, and boosts shared opportunities in several sectors.

India, UK FTA to benefit textiles, leather, pharma, engineering goods exports: FIEO

Economic Times

Economic Times · 10d ago

India, UK FTA to benefit textiles, leather, pharma, engineering goods exports: FIEO

The proposed India-UK free trade agreement (FTA) is anticipated to benefit sectors like textiles, apparel, leather, pharmaceuticals, and engineering goods, according to the Federation of Indian Export Organisations (FIEO). Expected to finalize during Prime Minister Narendra Modi's UK visit, the agreement could double bilateral trade by 2030, enhance job creation, and boost investment flows. Benefits include tariff eliminations and streamlined pharmaceutical approvals, while it may open opportunities for Indian IT and professional services.

Delighted to seal historic India-UK trade deal with UK PM Starmer: PM Modi

Business Today

Business Today · 2m ago

Delighted to seal historic India-UK trade deal with UK PM Starmer: PM Modi

PM Modi expressed his delight in concluding a historic Free Trade Agreement with UK PM Keir Starmer. Along with a Double Contribution Convention, these agreements aim to enhance the Comprehensive Strategic Partnership between India and the UK. The deals are expected to boost trade, investment, growth, job creation, and innovation, further strengthening the economic ties between the two nations. PM Modi looks forward to welcoming PM Starmer to India soon.

FTA with India brings 'genuine' competitive advantage, UK Parliament told

Economic Times

Economic Times · 1m ago

FTA with India brings 'genuine' competitive advantage, UK Parliament told

The Free Trade Agreement (FTA) between India and the UK grants the UK a competitive edge in the manufacturing sector, according to UK Business and Trade Secretary Jonathan Reynolds. The pact, expected to enhance bilateral trade by GBP 25.5 billion annually, is hailed as the best deal India has offered. The agreement significantly reduces tariffs, promoting economic growth and investment. The upcoming UK-India Week will further spotlight these developments as part of the India Global Forum summit.

Safeguards for generics in UK FTA: Govt

Economic Times

Economic Times · 5d ago

Safeguards for generics in UK FTA: Govt

The India-UK free trade agreement (FTA) protects India's generic drug industry by not requiring patent term extensions or data exclusivity, tools often used for patent evergreening, according to the commerce and industry ministry. This measure allows entry of generic manufacturers into the market post-patent expiry. Additionally, India provides tariff concessions on niche British agricultural products under the trade pact, while maintaining zero-duty access to over 95% of Indian agricultural products in the UK market.

India-UK FTA: India to lower duties on whisky, cars, cosmetics

Business Today

Business Today · 2m ago

India-UK FTA: India to lower duties on whisky, cars, cosmetics

The India-UK free trade agreement aims to boost bilateral trade to over $100 billion by 2030. India will lower duties on UK products like whisky, cars, cosmetics, and medical devices. The agreement presents significant export opportunities for Indian goods, offers more visas for skilled Indian workers, and includes a three-year exemption from social security contributions for Indian professionals temporarily working in the UK, benefiting both countries economically.

UK firms can offer telecom, construction services in India without local office under FTA

Economic Times

Economic Times · 6d ago

UK firms can offer telecom, construction services in India without local office under FTA

The UK and India have signed a free trade agreement, allowing UK companies to provide telecom and construction services in India without a local presence. These firms will receive national treatment, matching that of Indian companies. This agreement is part of CETA, signed in July 2023, which requires British Parliament approval. It broadens access to various sectors, significantly enhancing trade relations, while the UK offers deep market access to Indian firms across numerous sub-sectors.

BP India Chief: India-UK free trade agreement to boost energy cooperation, investments

Economic Times

Economic Times · 9d ago

BP India Chief: India-UK free trade agreement to boost energy cooperation, investments

The newly signed India-UK Free Trade Agreement (FTA) is expected to boost energy cooperation and investments, particularly in renewables. This landmark deal, signed during Prime Minister Narendra Modi's UK visit, aims to significantly enhance trade between the two nations by eliminating tariffs on various goods. The FTA will enable seamless flows of talent and expertise, with India benefiting from zero duties on 99% of its exports to the UK, while Britain will enjoy substantial tariff reductions on its exports to India.

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