India-UK Comprehensive Economic and Trade Agreement (CETA) will come into force on 15th of July this year. The Ministry of Commerce and Industries informed that the Agreement on Social Security, also referred to as the Double Contribution Convention (DCC), will come into effect on the same day.
The Ministry of Commerce and Industries also noted that the period of exemption under the Double Contribution Convention (DCC) has been increased from 3 years to 5 years, marking a major gain for India’s temporary workers.
Hailing the agreement as a triumph of economic statecraft, Union Minister for Commerce and Industry Piyush Goyal stated that the simultaneous enforcement of the CETA and the Double Contribution Convention will open up significant new opportunities for India’s exports, as India has secured immediate duty-free access on 99 percent of tariff lines.
He said that this will allow textiles, leather, marine, engineering, and processed food sectors to compete with no disadvantage and supply their world-class products.
The Ministry said that the India-UK CETA has been designed as a people-centric agreement that delivers benefits across society. It added that the implementation of the India-UK CETA and DCC from 15th of next month marks a major step in India’s journey towards becoming a globally integrated, resilient and competitive economy. It reflects the shared commitment of India and the United Kingdom to deepen their strategic partnership and deliver prosperity for their people.
The Ministry noted that this historic economic architecture effectively prepares both nations to navigate the complexities of modern international commerce while permanently accelerating India’s trajectory toward an inclusive, prosperous, and self-reliant “Viksit Bharat 2047.
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