UK-India trade to increase by GBP 25.5 billion annually under CETA, says UK Depy Trade Commissioner Jaya Choraria

Mumbai (Maharashtra) [India], October 13 (ANI): UK Deputy Trade Commissioner for South Asia Jaya Choraria said on Tuesday that the bilateral trade between the United Kingdom and India is projected to grow by GBP 25.5 billion per year in the long run from its current baseline of GBP 48 billion annually following the implementation of the Comprehensive Economic and Trade Agreement (CETA). Speaking with media at the CETA Marketplace event in Mumbai, Choraria highlighted how the landmark trade agreement provides a streamlined framework to connect British and Indian businesses directly. 'We're hosting the CETA Marketplace here in Mumbai, bringing together UK companies showcasing their products and services, and bringing them together with Indian companies and buyers exploring opportunities. This shows the tangible benefits that CETA brings across a range of sectors,' she stated. When asked about the overall economic impact and the trade movement in imports and exports following the implementation of CETA, Choraria emphasised that the agreement significantly lowers barriers to cross-border commerce. 'Well, CETA makes trade cheaper, quicker, easier and now we're looking to see that converted into increased trade and investment in the UK-India corridor,' Choraria said. Elaborating on the expected financial growth and long-term trade projections across the corridor, Choraria outlined substantial figures for the expanding commercial relationship. 'Well, trade is expected to increase from 48 billion pounds annually to 25.5 billion pounds per year in the long run,' she explained. Regarding specific focus sectors such as sustainable technology and clean energy, the Deputy Trade Commissioner pointed out that green energy remains a major area of collaboration between the two nations under the trade framework. 'We're exploring a range of opportunities across green energy,' Choraria added. Earlier, UK Trade Commissioner Harjinder Kang said that the United Kingdom has brought around 200 businesses to India as part of efforts to move its CETA with India from negotiations to implementation, highlighting opportunities for companies across sectors including artificial intelligence, medical devices and food and beverages. He described it as the first business activation under the agreement, Kang said the UK had brought one of its largest delegations to India, comprising three secretaries of state, seven regional mayors and a chair of a local authority. The visit aims to encourage businesses to take advantage of the trade agreement, which came into force on July 15, Kang said."What we're trying to do is encourage businesses to take that up," he said, referring to the opportunities created by CETA. Kang said the UK was showcasing industries that could benefit from the agreement, including medical devices, artificial intelligence, food and beverages, and automobiles. He also pointed to the presence of British brands such as Aston Martin, Bentley and Range Rover at the event. He described the outlook for the two countries as positive, saying continued cooperation could create mutual benefits as businesses begin implementing the trade agreement. (ANI)