Piyush Goyal hails UK trade deal as landmark

New Delhi

Commerce and Industry Minister Piyush Goyal has called the India-UK Free Trade Agreement (FTA) the “most important” trade deal India has ever signed, saying it will bring massive benefits across multiple sectors, including agriculture, MSMEs, professionals, and fisheries.

Speaking at a press briefing on Saturday, Goyal said the FTA—officially named the Comprehensive Economic and Trade Agreement (CETA)—has already been approved by India’s Cabinet and will come into force once UK’s Parliament completes ratification.

“This is a game-changing deal,” Goyal said. “Among all the FTAs India has signed, this is the biggest, most comprehensive, and most beneficial for both nations.”

Under the agreement, 99% of Indian exports to the UK will receive duty-free access, covering almost the entire trade basket. A major highlight is the 95% duty-free access for Indian farm products. At the same time, India protected key domestic sectors by excluding dairy, edible oils, and apples from the deal.

Another major win is for Indian professionals working in the UK, who will now be exempt from social security tax for up to three years, saving an estimated ₹4,000 crore annually.

Goyal also outlined that India is in active talks with other countries, including the EU, US, Peru, Chile, and Oman, and aims to conclude an India-EU deal by end of 2025.

He criticized UPA-era trade pacts, especially with ASEAN, saying they harmed Indian manufacturing. “Modi-led FTAs are with partners like Australia, UAE, Mauritius, EFTA, and now UK—nations that complement, not compete with India,” Goyal added.