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Economy News, Latest Economic News Today | The HinduBusinessLine

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India-UK trade boost: Goyal, Kyle discuss leveraging free...
2026-05-01 · via Economy News, Latest Economic News Today | The HinduBusinessLine
Union Minister Piyush Goyal meets the UK Secretary of State for Business and Trade, Peter Kyle (file picture)

Union Minister Piyush Goyal meets the UK Secretary of State for Business and Trade, Peter Kyle (file picture) | Photo Credit: ANI

Commerce Minister Piyush Goyal and UK Secretary of State for Business and Trade Peter Kyle discussed boosting trade under the India-UK free trade pact in a virtual meeting on Friday as the two sides prepare for its implementation.

“We explored ways to further enhance our trade & investment ties while fully leveraging the opportunities under the India-UK Comprehensive Economic and Trade Agreement (CETA),” Goyal posted on social media platform `X’ after the interaction..

India and the UK signed the CETA in July 2025, and Goyal had earlier indicated that it was likely to be implemented by May this year. The implementation will happen once all domestic processes for ratification are complete, officials said.

Once implemented, the UK will eliminate tariffs for India on about 99 per cent of tariff lines.  Agriculture, food processing, seafood, textiles, engineering goods, electronics, footwear and gems & jewellery are among sectors to benefit most.

Tariff-free access

India agreed to give tariff-free access to the UK on 85 per cent of its tariff lines spread over ten years resulting in significant gains for whisky and liquor, automobiles, advanced manufacturing and agri-food products.

India also hopes to make gains in the services sector as the agreement provides deeper market access across IT, financial services, education, and healthcare. It also creates a structured framework for the temporary movement of professionals. Business visitors, contractual service suppliers, and independent professionals can now access the UK under clear and predictable entry rules.

Up to 1,800 Indian chefs, yoga instructors, and classical musicians can work in the UK every year under these provisions.

The Double Contribution Convention (DCC), that exempts Indian workers and their employers from paying UK social security contributions for up to three years when on temporary assignments, is expected to lead to big savings. “Around 75,000 workers and over 900 companies are expected to benefit, resulting in savings of more than ₹4,000 crore,” per government estimates.

Published on May 1, 2026