The much-awaited Comprehensive Economic and Trade Agreement (CETA) between India and Britain has now officially come into force. It would be a mistake to consider this as just a government agreement between two countries. In fact, it is a new door of opportunities for Indian farmers, small businessmen, IT professionals and youth globally. With the implementation of this agreement, about 99 percent of Indian products will get entry into the British market without any import duty (duty-free). Its effect will be that Indian goods will be cheaper in Britain, its demand will increase there and the country’s exports will touch new heights.
There will be a bumper boom from business to farming
Generally, our farmers and small manufacturers have to face many tax obstacles in selling their products in the international market. But CETA has completely cleared this path. Talking about agriculture, Britain has reduced duty on more than 1,437 products to zero. Those trading in grapes, onions, spices, mangoes and sea products (like fish and shrimp) will directly benefit from this. Apart from this, exports are also expected to increase rapidly in important employment generating sectors like textiles, leather, plastics, and gems-jewellery. When more Indian goods will be sold in the foreign market, then obviously the production in factories will increase, which will create new employment opportunities in Tier-2 and Tier-3 cities of the country.
The path of employed youth became very easy
This deal is not limited to just the transaction of goods, but the movement of services and professionals has also been given importance in it. If you are an IT professional or wish to work in Britain, then this news is very useful for you. Under this agreement, visa rules for professionals have been made much easier than before. Through the ‘Young Professional Scheme’, every year 3,000 Indian youth will get a two-year visa to live and work in Britain. Apart from this, the biggest relief has come in the form of ‘Double Contribution Convention’ (DCC). Now Indian professionals who have gone to Britain on short-term assignment will not have to deduct part of their salary under social security head. According to experts, with this one decision, Indian IT companies and professionals will save a huge amount of about 600 million dollars every year, which will increase their take-home salary.
Full focus on safety of domestic industries also
Along with increasing its reach in the foreign market, the government has taken full care that our own local industries do not suffer any loss. By bargaining very wisely, the government has completely protected sensitive sectors like dairy, apple, grains and low-cost electric vehicles (EVs). On the other hand, Britain’s market has been opened for sectors like auto parts, engineering goods and pharmaceuticals. After the Corona epidemic and Brexit, Britain is trying to reduce its dependence on China. In such a situation, this is an excellent and historic opportunity for Indian pharmaceutical companies and manufacturers to gain a bigger market.
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