What's Happening?
The India-UK Free Trade Agreement (FTA) introduces significant benefits for the IT and electronics sectors, including a three-year exemption from social security payments for Indian professionals temporarily posted in the UK. This measure is expected to benefit around 75,000 Indian workers and over 900 employers, primarily in the IT sector. The agreement also provides duty-free access for Indian electronics exports like smartphones and optical fiber cables to the UK market, enhancing competitiveness and market presence.
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Why It's Important?
The FTA offers substantial cost savings and operational advantages for Indian IT and electronics firms, strengthening their ability to service UK clients and expand market access. The exemption from social security payments reduces financial burdens and facilitates talent mobility, while duty-free access boosts the competitiveness of Indian electronics in the UK. This agreement positions India as a key global technology partner and enhances its role in the international supply chain.
