India-UK FTA 3-yr exemption from social security contribution in UK major breakthrough says Goyal

New Delhi, Jul 24 (PTI) The three-year exemption from social security contributions in UK as part of the Double Contribution Convention is a "significant breakthrough" for Indian workers and their employers, Union Minister Piyush Goyal said on Thursday.
     Goyal further said India's talent in IT, services and education will gain from easier access to the UK’s high-value markets with the two sides signing the "landmark" trade deal.
     India and the UK have inked a free trade agreement (FTA) that will slash tariffs on British whisky, cars and an array of items, besides help double bilateral trade by 2030, from USD 56 billion currently.
     The deal was signed by Commerce Minister Piyush Goyal and his British counterpart Jonathan Reynold in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.
     Taking to X, Goyal said: "India’s talent in IT, services, and education will gain from easier access to the UK’s high-value markets."
     He described the three-year exemption from social security contributions in the UK (as part of the Double Contribution Convention) as a significant breakthrough for Indian workers and their employers.
     "The #IndiaUKFTA will open doors to UK customers, investors, and innovation hubs for our startups, helping them expand their global footprint," according to Goyal.
     The India-UK FTA is also poised to supercharge India’s electronics exports. Zero-duty access is expected to accelerate exports of electronic products with optical fiber cables and inverters set to strengthen India’s foothold in the UK market.
     It would also spur software services growth, as ambitious UK commitments for software and IT-enabled services are seen unlocking new markets, driving job creation, and enhancing opportunities for Indian software firms.
     Competitive access for software development and network infrastructure is also expected to fuel growth in digital trade.

(This story has not been edited by THE WEEK and is auto-generated from PTI)