NEW DELHI: In a breakthrough after three years of intense talks, India and UK announced a trade deal Tuesday, covering tariff elimination for 99% of Indian exports, while allowing duty cuts on 90% tariff lines.
The two countries agreed on a double contribution convention that'll exempt Indian employees on temporary work visas from making social security contributions for three years, helping them save around 20% of their salary. Over 60,000 IT workers can gain around Rs 4,000 crore, govt estimates suggested.
Govt has secured significant commitments for service suppliers in digitally-delivered services, specially professional services such as architecture, engineering, computer-related services and telecom, apart from professionals such as yoga instructors, musicians and chefs, officials said.
UK deal will boost trade, investments & growth in both economies, says PM Modi
PM Narendra Modi on Tuesday said that trade deal with the UK will boost economic activity in the country, while creating new opportunities for Indian businesses and MSMEs. He sought to position the agreement as part of a broader economic strategy.
Pointing to trade agreements signed by UAE, Australia, and Mauritius in recent years, Modi, at an event organised by ABP Network, said, "India is not just undertaking reforms but is actively engaged with the world to become a vibrant trade and commerce hub."
Apart from opening new markets through free trade agreements (FTAs), govt is also seeking to create opportunities for Indian companies to be part of the global value chain.
PM Modi further said that the deal with the United Kingdom will help catalyse trade, investment, growth and job creation in both the economies.
He emphasised that this agreement between two major open-market economies will add a new chapter in trade and economic cooperation, benefiting the development of both nations. He noted that this is great news for India's youth, as it will boost economic activity and open new opportunities for Indian businesses and MSMEs.
Earlier in a social media post, Modi said, "These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies."
The two countries agreed on a double contribution convention that'll exempt Indian employees on temporary work visas from making social security contributions for three years, helping them save around 20% of their salary. Over 60,000 IT workers can gain around Rs 4,000 crore, govt estimates suggested.
Govt has secured significant commitments for service suppliers in digitally-delivered services, specially professional services such as architecture, engineering, computer-related services and telecom, apart from professionals such as yoga instructors, musicians and chefs, officials said.
UK deal will boost trade, investments & growth in both economies, says PM Modi
PM Narendra Modi on Tuesday said that trade deal with the UK will boost economic activity in the country, while creating new opportunities for Indian businesses and MSMEs. He sought to position the agreement as part of a broader economic strategy.
Pointing to trade agreements signed by UAE, Australia, and Mauritius in recent years, Modi, at an event organised by ABP Network, said, "India is not just undertaking reforms but is actively engaged with the world to become a vibrant trade and commerce hub."
Apart from opening new markets through free trade agreements (FTAs), govt is also seeking to create opportunities for Indian companies to be part of the global value chain.
PM Modi further said that the deal with the United Kingdom will help catalyse trade, investment, growth and job creation in both the economies.
He emphasised that this agreement between two major open-market economies will add a new chapter in trade and economic cooperation, benefiting the development of both nations. He noted that this is great news for India's youth, as it will boost economic activity and open new opportunities for Indian businesses and MSMEs.
Earlier in a social media post, Modi said, "These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies."
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