Conclusion of India-UK Comprehensive Economic and Trade Agreement
In News
What Happened
Why It Matters
Background
History & Context
What Changed
- ▶
BEFORE: Indian exports faced various tariffs and duties entering the UK market. NOW: The agreement eliminates tariffs on 99% of Indian exports, significantly boosting the competitiveness of Indian goods.
- ▶
BEFORE: Indian professionals temporarily working in the UK had to pay social security contributions in both countries without getting corresponding benefits. NOW: A Double Contribution Convention exempts Indian professionals in the UK from these social security contributions for three years.
- ▶
BEFORE: Stringent 'Rules of Origin' and non-tariff barriers complicated full market access for certain Indian manufactured goods. NOW: Streamlined customs procedures and mutually agreed rules of origin facilitate an easier and more predictable trade flow.
Prelims Angle
NCERT Connection
Practice Questions
Q1
Correct Statement(s)Consider the following statements regarding the India-UK Comprehensive Economic and Trade Agreement (CETA): 1. It eliminates tariffs on 99% of Indian exports to the UK. 2. It includes a Double Contribution Convention that permanently exempts Indian professionals from paying income tax in the UK. Which of the statements given above is/are correct?