Blitz Bureau
NEW DELHI: The India-UK Comprehensive Economic and Trade Agreement (CETA) will come into force on July 15, paving the way for cheaper British goods in India while granting Indian exporters near-total duty-free access to the UK market.
Under the pact, tariffs on a wide range of British products — including Scotch whisky, gin, chocolates, biscuits and cosmetics — will begin declining from July 15. However, duty reductions for several items will be phased in over the coming years.
Meanwhile, Indian exporters will receive zero-duty access on around 99 per cent of tariff lines, covering almost the entire value of the country’s exports to the UK.
Labour-intensive sectors such as textiles, leather, footwear, marine products, gems and jewellery, sports goods and toys are expected to be among the biggest beneficiaries.
Similarly, engineering goods, auto components and organic chemicals are also set to gain from improved market access.
The rules were issued by the Central Board of Indirect Taxes and Customs (CBIC), laying down the framework for determining whether goods qualify for preferential tariff treatment under the pact and specifying compliance requirements for exporters and importers.
Union Commerce and Industry Minister Piyush Goyal had earlier said the CETA would deepen collaboration between the two countries across trade, investment and innovation while creating new opportunities for businesses and professionals.
He urged Indian companies to strengthen engagement with their UK counterparts and translate the agreement into sustained business growth.
