Lead Story
The pact will strengthen bilateral trade, attract fresh investments and create new opportunities across manufacturing and services. It is also expected to improve the competitiveness of Indian businesses in one of the world's largest consumer markets. The biggest gains are expected on the export front. Around 99 per cent of Indian exports by value will now enjoy zero-duty access to the UK, making Indian products more competitive against goods from Europe, China and other markets.
The provision is expected to reduce costs for employees and employers while improving the competitiveness of Indian firms operating overseas.Bilateral trade between India and the UK could nearly double to around $120 billion by 2030, supported by stronger merchandise exports, higher services trade and increased investment flows. A key feature of the agreement is the Double Contribution Convention (DCC), under which Indian professionals on temporary assignments in the UK of up to five years will be exempt from making social security contributions in both countries.