FTA will open opportunities for several people incluuding Indian yoga instructors, musicians, chefs, IT-finance and educational services

The Free Trade Agreement (FTA) with the UK will create avenues of fresh opportunities for domestic independent professionals such as Indian chefs, Indian musicians, and yoga instructors. In the services sector, India will gain in sectors such as Information Technology and Information Technology Enabled Services, finance, business, and educational services, according to the Commerce Ministry.

The Ministry said that this agreement facilitates the movement of contract employees, businessmen, investors, employees transferred under a company, partners. The path of movement of dependent children of employees working in the UK, professionals like yoga instructors, musicians and chefs will also be easy. According to the ministry, India has ensured that non-tariff barriers are appropriately addressed to ensure the uninterrupted flow of goods and services and they do not impose undue restrictions on domestic exports. Similar provisions are also there in the Economic Cooperation and Trade Agreement between India and Australia, which was implemented in December 2022.

The ministry said that talented and skilled Indian youth will open up immense opportunities in the UK, which is a leading global hub for digital services due to its strong financial and professional services sectors and advanced digital infrastructure. In addition, India has also secured significant commitments on digitally delivered services such as architecture, engineering, computer-related and telecommunications services.

The Prime Minister's Office has said that the completion of a balanced, equitable and ambitious FTA covering trade in goods and services is expected to significantly increase bilateral trade, create new employment opportunities, improve living standards and improve the overall well-being of the citizens of both countries. It will also open up new potential for both countries to jointly develop products and services for global markets. This further strengthens the foundation of the India-UK Comprehensive Strategic Partnership and paves the way for a new era of cooperation and prosperity.

The two countries have also completed negotiations on a double contribution agreement along with the FTA. This will help avoid double contribution to the social security fund by Indian professionals working for a limited period in the UK. The Commerce Ministry said that the exemption of Indian workers temporarily residing in the UK and their employers from paying social security contributions in the UK for a period of three years under the dual contribution agreement will provide significant financial benefits to Indian service providers.