London, July 15: Business leaders and industry groups in the UK on Wednesday wel-comed the entry into force of the India-UK Comprehensive Economic and Trade Agree-ment (CETA), describing it as a landmark pact that will boost trade, investment and in-novation between the two countries.
The agreement, signed by Prime Minister Keir Starmer and his Indian counterpart Nar-endra Modi in July last year, is expected to at least double bilateral trade from the current annual level of around GBP 48 billion by 2030 while adding nearly GBP 5 billion annually to the economies of both countries in the long run.
Dame Susan Langley, the Lady Mayor of the City of London, said the agreement would make it easier for businesses to trade, invest and grow while creating new opportunities across financial and professional services.
Calling the deal a “landmark moment”, Langley said the City of London would support India’s growth ambitions through its expertise in sustainable finance, insurance, capital markets and fintech. “This agreement is the start of a brilliant journey within an ambitious partnership. I look forward to seeing greater flows of investment, innovation and talent between our two countries in the years ahead,” she told PTI.
Dr Kishore Jayaraman, Group CEO of the UK India Business Council (UKIBC), described the agreement as a catalyst for trade and economic growth.
“It is a day that the industry has been looking forward to, one that will put us on the right growth curve for the future,” he said, adding that the UKIBC would work with businesses and governments to help maximise the benefits of the pact. (PTI)
