India-UK FTA to benefit exporters, MSMEs, professionals from July 15: Goyal

Mumbai, Jul 12 (PTI) Union Commerce and Industry Minister Piyush Goyal on Sunday announced that the India-UK free trade agreement will allow all Indian exports to enter the British market duty-free from July 15, benefiting farmers, fishermen, MSMEs, and domestic industries. Speaking to reporters here, Goyal said the trade pact also features a Double Contribution Convention (DCC) that exempts Indian professionals working in the UK for up to five years from British social security contributions for securing their retirement savings. "The India-UK trade agreement not only covers merchandise, goods and services but also benefits thousands of Indians working in the UK. From July 15, any item exported from India to the UK will attract zero import duty," he said. He said the agreement also includes a DDC, under which Indian professionals working in the UK for up to five years will not have to contribute to the British social security system. "Earlier, nearly 25 per cent of their (Indian professionals') salaries used to go towards the UK government's social security contributions. Now, that amount will be deposited in their provident fund accounts in India, earning 8.25 per cent annual interest. It will remain tax-free and help secure their retirement savings," he said. Goyal said the agreement would create new opportunities for Indian professionals while strengthening trade and economic ties between the two countries, crediting Prime Minister Narendra Modi's leadership for the successful conclusion of the pact. He further stated he was leaving on a four-country tour with a business delegation to strengthen India's trade partnerships. The minister said he would attend the India-European Union Trade and Technology Council meeting in Brussels on July 14 and 15 to resolve pending issues and advance technology cooperation. The technology transfer would benefit India's growth, he said, adding that the discussions would focus on facilitating technology partnerships with European countries to support India's development while taking forward negotiations under the proposed India-EU free trade agreement. PTI ND ARU