India, UK agree to annual data exchange to track benefits of trade pact

New Delhi [India], October 12 (ANI): India and the United Kingdom have agreed to exchange annual data on the utilisation of tariff concessions under their Comprehensive Economic and Trade Agreement (CETA), as both countries seek to ensure smoother implementation of the trade pact and help more businesses, particularly small and medium-sized enterprises, benefit from it. The decision was taken at the 16th meeting of the India-UK Joint Economic and Trade Committee (JETCO), held in New Delhi on Monday, where Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business, Innovation and Science Jonathan Reynolds reviewed progress since the agreement came into force on July 15, 2026. The two sides agreed to begin exchanging data one year after the agreement's entry into force. The exercise will track how frequently businesses claim preferential tariffs and incorporate feedback on implementation challenges, helping both governments identify areas where additional support is needed. The countries also agreed to establish committees and working groups under the agreement and designate government-to-government contact points for its various provisions. Officials have been asked to address emerging implementation issues quickly. Highlighting early business uptake, the joint statement said Indian exporters dispatched more than 50 consignments to the UK on the day the agreement came into force. The shipments included smartphones, electrical and mechanical machinery, gold jewellery, ready-made garments, woollen yarn, tea and coffee. The first shipment of Joha rice, a distinctive regional variety from Assam, also reached the UK under the agreement. Meanwhile, the first tariff-free Scottish salmon reached India within a fortnight, with several thousand kilograms exported since. Scotch whisky entered the Indian market under reduced tariffs, while the first cars imported under the tariff-rate quota cleared customs. Beyond trade in goods, both countries agreed to deepen cooperation in services, innovation, government procurement, science and technology, and gender-related initiatives. They also emphasised stronger business-to-business engagement and regional partnerships to ensure the agreement generates growth across both economies. The meeting coincided with a visit by seven mayors and a combined authority leader from northern England, highlighting the role of regions and cities in strengthening trade, investment and innovation links. The two sides said the agreement marked the beginning of a broader economic partnership. The 17th JETCO meeting is scheduled to take place in the United Kingdom in 2027. (ANI)