India-UK trade pact 'new gold standard' of trade deals: UK High Commissioner Cameron

New Delhi, Jul 15 (PTI) The UK-India free trade agreement that came into force on Wednesday is a "new gold standard" of trade deals and it sends a message to the rest of the world that rules-based order works, British High Commissioner Lindy Cameron said. The mega trade deal, officially known as the Comprehensive Economic and Trade Agreement (CETA), secures zero-duty market access for nearly 99 per cent of India's exports. It is expected to help the Indian economy in sectors like textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed foods. A bilateral social security agreement too has been operationalised along with the trade deal. Cameron, interacting with the media, said India and the UK have "unlocked the combined economic might of two global economic powerhouses". It sends a message to the rest of the world that the rules-based order works, she said, adding the trade pact is the new gold standard of trade deals. It is a force multiplier and template for future trade agreements, she said. In sectoral terms, the India-UK trade deal brings really sweeping benefits for a wide range of sectors, the High Commissioner said. "The UK-India trade deal brings sweeping benefits for a wide range of sectors. From today, import duty on Scotch whisky has been cut from 150 per cent to 75 per cent which should make a really significant difference to the price the consumer pays," she said. Cameron also said that import duties on premium UK-built cars will also begin to fall from over 110 per cent to 10 per cent, making iconic British cars cheaper for Indian consumers. PTI MPB RT RT