India and the UK are close to operationalising their trade pact, but a new British steel safeguard measure has delayed the Entry into Force of CETA. Commerce Secretary Rajesh Agrawal said the two sides are working on a “unique and creative solution” to handle the steel hurdle. The UK will cap tariff-free steel from July 1, 2026, cutting quota volumes by 60% and charging 50% tariffs above limits. India targets doubling bilateral trade to USD 112 billion by 2030.
India is deepening trade and investment ties with the UK by focusing on how to maximize gains under the Comprehensive Economic and Trade Agreement. In parallel, India and Tanzania are exploring trade settlement in local currencies, aiming to make cross-border commerce easier and expand bilateral economic cooperation. Both sides also discussed collaboration in areas like mining and digital services.
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