Under one of the terms of the FTA, select Indian and British workers will gain from a three-year exemption from social security payments. The exemptions will be applicable to the employees of Indian companies temporarily working in the UK and vice versa. According to the term, contributions towards social security will be paid by employers and employees in their home country only instead of both nations
Airtel chairman Sunil Bharti Mittal praised the India-UK free trade agreement (FTA) signed on May 6 and called it a significant milestone not just for strengthening trade ties but also people-to-people connections. Mittal in a statement on Tuesday, said the agreement will open opportunities for both nations on multiple fronts, including bilateral cooperation, innovation, talent and resources.
“This is not only a pivotal milestone in the history of the relations between our two great nations but one that promises to be the gateway to an era of flourishing bilateral cooperation, shared innovation and enhanced people to people connect,” said Bharti Enterprises founder and chairman.
In February this year, Sunil Mittal was conferred with an honorary Knighthood by King Charles III of the UK. He is the first Indian to receive the Knighthood from King Charles. The Knighthood is one of the highest civilian awards bestowed by the British sovereign.
Under one of the terms of the FTA, select Indian and British workers will gain from a three-year exemption from social security payments. The exemptions will be applicable to the employees of Indian companies temporarily working in the UK and vice versa. According to the term, social security contributions will be paid by employers and employees in their home country only instead of both nations.
India and the UK completed a multi-billion-pound trade deal on Tuesday. The deal was finalised by Commerce and industry minister Piyush Goyal and UK business and trade secretary Jonathan Reynolds. While consumers in the UK will benefit from lower tariffs on commodities like clothing and footwear, cars, food items like frozen prawns, and gems & jewellery, on the Indian side, customers will benefit in the purchase of goods, including gin and whisky, aerospace, electricals and medical devices and cosmetics.
The deal needs to be approved by the British Parliament before it comes into force.
Following the completion of the trade deal, Prime Minister Narendra Modi called it a historic milestone and mutually beneficial FTA.
“These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies,” said Modi in a post on X on May 6.