New Delhi [India], October 12 (ANI): India-UK trade agreement will be judged by whether companies use it to export, invest and form partnerships, not by its legal text, said UK Business and Trade Secretary Jonathan Reynolds.

Speaking at the business plenary of the 16th India-UK Joint Economic and Trade Committee (JETCO), Reynolds said the Comprehensive Economic and Trade Agreement (CETA) has been in force for almost 100 days. 

'That is still early,' he said, but there were 'encouraging signs' of firms on both sides beginning to explore the opportunities it creates.

The JETCO session launched CETA committees and working groups and reviewed the agreement's implementation. Reynolds said these bodies would help businesses raise concerns, resolve issues and improve implementation.

He further stressed that the pact should benefit businesses of all sizes, including small and medium enterprises and first-time exporters, by providing practical support on tariffs, rules of origin, customs, regulations and procurement opportunities. 'My team and the UK government stand ready to provide this,' he said.

As per him, the agreement could not be assessed 'from Whitehall or Delhi alone' and that business insight was essential to understand where firms need more support and where barriers remain.  He singled out feedback on professional qualifications and mobility as the kind of issue that could help extend and deepen the pact in future.

'CETA is the floor, not the ceiling,' Reynolds said, adding that "continued business engagement would shape its implementation and the next phase of India-UK trade ambitions." 

He assured companies that their feedback had a direct route into government through the utilisation review and the CETA committees, and promised that businesses would be able to see how their input was considered and what action followed.

He said the pact offers access to one of the world's largest and fastest-growing markets, across advanced manufacturing, clean energy, life sciences, technology, services and creative industries.

Reynolds said global trade is more challenging than it has been in recent years, with many countries turning to protectionism. He urged participants to 'celebrate' the commitment to trade cooperation and internationalism in the room, but said it must translate into tangible outcomes: contracts signed, investments made, technologies commercialised and jobs created in both countries. (ANI)