‘From July 15, all Indian exports to the UK will attract zero import duty’: Piyush Goyal on India-UK FTA rollout

Indian exports to the United Kingdom will enjoy zero import duty from July 15 under the recently concluded India-UK Free Trade Agreement (FTA), Union Commerce and Industry Minister Piyush Goyal said on Sunday, describing the pact as a landmark step that will benefit farmers, fishermen, MSMEs and a wide range of domestic industries while creating fresh opportunities for Indian professionals.

Addressing reporters, Goyal said the agreement goes beyond merchandise trade by incorporating a Double Contribution Convention (DCC), which exempts Indian professionals working in the UK for up to five years from contributing to Britain’s social security system. The move is expected to enhance take-home savings while strengthening economic and commercial ties between the two countries.

Duty-free market access to boost exports across sectors

“The India-UK trade agreement not only covers merchandise, goods and services but also benefits thousands of Indians working in the UK. From July 15, any item exported from India to the UK will attract zero import duty,” Goyal said.

According to the minister, the duty-free market access is expected to improve the competitiveness of Indian products in the UK and create fresh export opportunities for sectors ranging from agriculture and marine products to manufacturing and small businesses.

He said the agreement also includes a DCC, under which Indian professionals working in the UK for up to five years will not have to contribute to the British social security system.

DCC to strengthen retirement savings for Indian professionals

“Earlier, nearly 25 per cent of their (Indian professionals’) salaries used to go towards the UK government’s social security contributions. Now, that amount will be deposited in their provident fund accounts in India, earning 8.25 per cent annual interest. It will remain tax-free and help secure their retirement savings,” he said.

Goyal said the trade pact would create new opportunities for Indian professionals while deepening bilateral trade and investment ties. He also credited Prime Minister Narendra Modi’s leadership for the successful conclusion of the agreement.

Focus shifts to EU trade talks

The commerce minister said he is embarking on a four-country visit with a business delegation to further strengthen India’s global trade partnerships.

As part of the visit, Goyal will participate in the India-European Union Trade and Technology Council (TTC) meeting in Brussels on July 14 and 15, where discussions will focus on resolving pending trade issues and expanding technology cooperation.

The minister said greater technology transfer from Europe would support India’s long-term economic growth and industrial development, adding that the meetings would also help advance negotiations on the proposed India-EU Free Trade Agreement as both sides work towards concluding the pact.