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India on Monday invited the first round of applications for the allocation of 2026 import quotas for fully-built passenger cars and goods vehicles under the duty concession provisions of the India-UK free trade agreement. Under the India-UK Comprehensive Economic and Trade Agreement (CETA), which came into effect from July 15, New Delhi has allowed the import of a total of 3.78 lakh units of conventional-engine passenger cars, including those in the mass segment, from the UK at a concessional customs duty during the first 15 years of the implementation of the trade pact between the two countries. Under the pact, tariffs on automotive imports will fall from about 110 per cent to 10 per cent, with quotas on both sides. Importers seeking to import vehicles from the UK under the quota-based duty concessions (tariff rate quota - TRQ) provided under the agreement can submit their applications from July 21 to August 4, the directorate general of foreign trade (DGFT) said in a ...
Strategic experts forecast that the strength of the India-UK partnership will stay the course under incoming British prime minister Andy Burnham, who clinched the Labour Party leadership in the same week as the Comprehensive Economic and Trade Agreement (CETA) entered into force. Burnham, 56, was elected unopposed on Friday and will take over from Keir Starmer at Downing Street on Monday after the formal choreography of the handover of power is completed. While much is expected to change, given the former mayor of Greater Manchester's pledge to do things differently, the one major constant in terms of foreign policy is expected on the India front. "Over this past year, we have valued close engagement with the Greater Manchester authorities, particularly Mr Andy Burnham, whose energy and warm support has done much to strengthen India-North-England ties," Vishakha Yaduvanshi, the Consul General of India in Manchester, told PTI. As the first head of India's new diplomatic mission in t
Hours after the operationalisation of the India-UK Comprehensive Economic and Trade Agreement (CETA), a senior British official said the landmark deal will deliver "tangible business outcomes" for both the partner countries. Harjinder Kang, the UK's Trade Commissioner for South Asia and British Deputy High Commissioner to Western India, also hoped that the agreement would eventually lead to a jump in bilateral trade to USD 100 billion from the present USD 60 billion. "'... as of midnight, we are now able to send goods and services between the two countries on the new trading terms that we've agreed," he told PTI videos in an interaction here. Nearly 99 per cent of the goods and services being exported by India to the UK, and 90 per cent of the goods and services imported by the country will now attract lower or zero tariffs, he said, stressing that the deal will benefit consumers in both countries by lowering costs. "'... in effect, there are some very, very good tangible outcomes
Indian exporters will be able to ship over 11 lakh tonnes of steel annually to the UK duty-free under the free trade agreement, which came into force on Wednesday, through a combination of country-specific and residual quotas, an official said. The UK's March steel safeguard measures had become a major sticking point in implementing the Comprehensive Economic and Trade Agreement (CETA), which was signed on July 24, 2025. The resolution of the issue has paved the way for the implementation of the agreement from July 15. Overall, 188 steel items accounting for USD 137 million worth of steel exports from India to Britain were covered by these safeguard measures. India's total steel exports were USD 960 million in 2025. To protect the interest of our exporters, India engaged extensively with the UK side to mitigate the impact of the steel measure on India's exporters. Based on the consultations with stakeholders, India requested the UK for enhancing quota for India under the steel ...
There is already "euphoria" within industry over the possibilities opened up by the India-UK free trade agreement, and economic growth for both countries is an inevitable outcome of the pact coming into force this month, according to an industry expert. The UK-India bilateral Comprehensive Economic and Trade Agreement (CETA) was signed last year and will enter into force on July 15. Kishore Jayaraman, Group CEO of the UK India Business Council (UKIBC), said he remains "very bullish" about India and the UK being a "formative force into the future" as a result of the pact. "India offers capacity and capability, so scalability for businesses that want to scale up in the Indian market just gets that much easier," Jayaraman told PTI in an interview. "I think this is a celebration for SMEs, startups, and for creative people to scale themselves through the capacities and capabilities that India offers and go to the next level of their businesses," the industry leader said. "They should b
The series of free trade agreements (FTAs) finalised by India, including the ones with the UK and the European Union, will give a major boost to toy exports, according to industry officials. Under the free trade agreements with the EU and UK, Indian toys will get zero duty access, Toy Association of India Chairman Manu Giota said. At present, the products face about 5-6 per cent import duty in these two markets. "These FTAs will catapult us into the major league, he said, adding that these markets account for about 16 per cent of the country's total toy exports, which stood at USD 0.35 billion in 2024. India signed a trade pact with the UK last year, and it will come into force from July 15. The agreement with the 27-nation EU is likely to be signed by December this year and may be implemented next year. Gupta, who is also the CEO of Playgro Toys India, said that huge investments are coming into the sector due to the business-friendly policies of the Narendra Modi-led ...
The Free Trade Agreement (FTA) with the UK is the most comprehensive agreement that India has entered into so far and "sky is the limit" in terms of the economic benefits that will flow from it, Commerce and Industry Minister Piyush Goyal said here Thursday. The minister arrived in the UK on a three-day visit to review the preparedness of both countries for the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA), which will enter into force from July 15. Addressing the India Global Forum (IGF) UK-India Week at the start of his tour, the minister exhorted businesses in both countries to "seize the moment" and set ambitious targets to boost the estimated 48-billion-pound annual bilateral trading partnership on the back of CETA. "The UK free trade agreement will be the first most comprehensive agreement that India has entered into so far," said Goyal. "It's a partnership between two complementary economies, two growing economies. We understand each other,