London [UK], July 24 (ANI): Union Commerce Minister Piyush Goyal on Thursday (local time) described the Free Trade Agreement (FTA) between India and the United Kingdom as 'fantastic,' stating that the deal has unlocked numerous opportunities for India while safeguarding all its interests.

Goyal highlighted that the agreement has excluded sensitive sectors, such as dairy, rice, and sugar, which are crucial for farmers and Micro, Small, and Medium Enterprises (MSMEs), from its scope to ensure their protection.

'A fantastic FTA (Free Trade Agreement) has been signed between India and the UK today. Under the leadership and guidance of PM Modi. Through this FTA, India opened the avenue to several opportunities by safeguarding all its interests. Every sector that remains sensitive for India, including our farmers and MSMEs, such as dairy, rice, and sugar, has not been opened. All these sectors have been safeguarded. The necessities for India, where India will benefit from getting things from the UK, have been especially focused on,' the Commerce Minister told ANI.

He said that labour-oriented sectors like textiles, footwear, leather, toys, furniture and pharmaceuticals will open for Indian businessmen in the United Kingdom, asserting that there will be immense opportunities for workers, farmers and women of India.

The Union Minister pointed out that people from India who come to the UK to work for a short duration will be able to deposit the money in their PF account in India.

'Sectors where India is competitive and has a comparative advantage over other countries, especially in labour-orientated sectors, textiles, footwear, leather, toys, furniture, pharmaceuticals and others--such markets in the UK will open for India; duties will be brought down, and there will be immense opportunities for our workers, farmers, MSMEs and women. People from India who come to the UK to work for a short duration suffered around 25 per cent losses earlier--they did not receive any benefit or pension for social security payments. Now, they will get to deposit that money in their PF account in India. So that this money will be their savings and not go to waste,' Goyal added.

'The cabinet approval in India had already happened the day before. In the UK, it goes through the Parliament. So, I think it will take a few months. But with this certainty, now the industries and businesses can begin their planning and ready their supply chains, work on approvals and ordering... Due to bipartisan support between both sides, I think it will be approved soon and implemented too,' he said.

India and the United Kingdom have taken a major step in building a stronger economic partnership with the signing of the Comprehensive Economic and Trade Agreement (CETA) today under the leadership of Prime Minister Narendra Modi.

The agreement was signed by Commerce and Industry Minister Piyush Goyal and Secretary of State for Business and Trade Jonathan Reynolds in the presence of the two Prime Ministers.

This FTA marks a significant milestone in India's engagement with major developed economies and reflects a shared commitment to strengthening economic integration. As the world's fourth- and sixth-largest economies respectively, India and the UK's bilateral engagement holds global economic significance. The signing of the India-UK CETA follows the successful conclusion of negotiations announced on 6th May 2025. The bilateral trade between the two countries stands at nearly USD 56 billion, with a joint goal to double this figure by 2030.

CETA secures unprecedented duty-free access for 99 per cent of India's exports to the UK, covering nearly the entire trade basket. This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals.

The services sector, a strong driver of India's economy, will also see wide-ranging benefits. The agreement provides greater market access in IT and IT-enabled services, financial and legal services, professional and educational services, and digital trade.

Indian professionals, including those deployed by companies to work in the UK across all service sectors and professionals deployed on contracts such as architects, engineers, chefs, yoga instructors, and musicians, will benefit from simplified visa procedures and liberalised entry categories, making it easier for talent to work in the UK.

India has also secured an agreement on the Double Contribution Convention. This will exempt Indian professionals and their employers from social security payments in the UK for up to three years, improving the cost competitiveness of Indian talent.

The agreement has been designed to make trade more inclusive. Women and youth entrepreneurs, farmers, fishermen, startups, and MSMEs will gain new access to global value chains, supported by provisions that encourage innovation, promote sustainable practices, and reduce non-tariff barriers.

CETA is expected to boost trade volumes significantly in the coming years, creating jobs, expanding exports, and supporting a deeper, more resilient economic relationship between India and the United Kingdom. (ANI)