New Delhi, July 15 (IANS) The India-United Kingdom Comprehensive Economic and Trade Agreement (CETA) came into force on Wednesday, with officials and industry representatives hailing the pact as a major milestone that is expected to deepen economic ties, expand bilateral trade and create new opportunities for businesses in both countries.

Speaking to IANS on the sidelines of a flag-off ceremony for the first export consignment was held at Sanand near Ahmedabad, Deputy British High Commissioner Steve Hickling said the agreement underlines the strength of the political and economic relationship between India and the UK while laying the foundation for an even larger strategic partnership.

“I think it really underlines the strength of the economic and political relationship between the UK and India, and it signals the beginning of an even stronger and larger economic partnership between the two countries,” he said.

He said bilateral trade between the two countries currently stands at around £48 billion annually and is expected to grow significantly following the implementation of the trade agreement.

“Analysis shows that this trade deal will significantly increase bilateral trade. We are already at about £48 billion annually, and the analysis indicates that it will grow even further,” Hickling told IANS.

Marking the commencement of the pact, the first consignment of gems and jewellery exports to the United Kingdom was flagged off from the Special Economic Zone (SEEPZ) in Andheri, Mumbai.

Gyaneshwar Patil, Zonal Development Commissioner, SEEPZ, described the launch as a significant milestone, noting that the agreement had been under negotiation for nearly a year before being approved by the UK Parliament and subsequently receiving the necessary clearances from the Indian side.

Welcoming the trade pact, Vishwanath Hublikar, General Manager (Export-Import) at H.K. Designs (India) LLP, said the agreement comes at an opportune time as Indian exporters look to diversify their markets amid global geopolitical uncertainties.

“India is looking Europe as a good market and in this stage, launching this UK CETA agreement is in a good opportunity and it will improve the employment, it will increase the export of India, it will also be a opportunity to set up Indian product in European market,” Hublikar told IANS.

–IANS

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