India and UK to Share Annual Trade Data Under New Economic Agreement

India and the United Kingdom have agreed to exchange annual data on how businesses are utilizing their Comprehensive Economic and Trade Agreement, according to a joint statement released Monday. The data sharing will begin one year after the pact took effect in July 2024.

The arrangement will track how often companies claim lower tariffs under the agreement and gather feedback on implementation challenges. Officials say this information will help identify where additional support is needed, particularly for small and medium-sized enterprises looking to take advantage of the trade deal.

The agreement allows duty-free entry for 99 percent of Indian goods into the British market, while 90 percent of UK goods enter India either duty-free or at reduced tariffs. Early shipments under the pact have included Scottish salmon arriving in India within two weeks of implementation, reduced-tariff Scotch whisky, and over 50 consignments of Indian electronics, machinery, jewelry, and textiles to the UK.

The announcement came during the 16th meeting of the India-UK Joint Economic and Trade Committee, chaired by Indian Commerce Minister Piyush Goyal and UK Secretary of State Jonathan Reynolds. Both sides also agreed to establish committees and working groups to ensure smooth operation of the trade pact and explore deeper cooperation in services, innovation, and government procurement. The next committee meeting is scheduled for 2027 in the United Kingdom.