New Delhi, July 15 (IANS) The Federation of Indian Chambers of Commerce and Industry (FICCI) on Wednesday welcomed the operationalisation of the India-UK Free Trade Agreement (FTA), saying the landmark pact will open new opportunities for Indian industry, enhance competitiveness and deepen the country’s integration with global value chains.

Congratulating Prime Minister Narendra Modi on the agreement coming into force, FICCI Secretary General Anant Swarup said the India-UK Comprehensive Economic and Trade Agreement (CETA) would create fresh opportunities for businesses in both goods and services.

“Heartiest congratulations from FICCI to PM Modi on the operationalisation of India-UK Free Trade Agreement. This agreement would open up new opportunities for the Indian industry in both goods and services. The cooperation in innovation, technology and talent mobility will enhance Indian industry’s competitiveness,” Swarup said.

He described the agreement as a major milestone in India’s free trade agreement (FTA) journey, adding that it would promote the country’s participation in global value chains while encouraging innovation-led growth in both India and the UK.

The landmark agreement complements the vision of Viksit Bharat by strengthening India’s aspirations for sustained economic growth, global competitiveness and deeper integration with international markets, according to FICCI President Anant Goenka.

“As India advances towards becoming a developed economy, high-quality economic partnerships will play an important role in expanding business opportunities, strengthening industrial capabilities, and enhancing the country’s participation in global trade and investment networks,” Goenka said.

According to the industry body, the agreement reflects a forward-looking approach to economic engagement and will support India’s journey towards greater prosperity, innovation and economic transformation.

The India-UK FTA became operational on Wednesday, providing zero-duty market access for nearly 99 per cent of India’s exports and covering almost 100 per cent of the bilateral trade value.

Separately, IT industry body Nasscom also welcomed the implementation of the agreement, saying it would unlock new opportunities in digital trade, investment, innovation and talent mobility.

It hailed the conclusion of the Double Contribution Convention (DCC), which will allow Indian professionals on short-term assignments in the UK to continue making social security contributions in India instead of the UK for up to five years.

–IANS

ag/