London, Jun 25 (PTI) The Free Trade Agreement (FTA) with the UK is the most comprehensive agreement that India has entered into so far and “sky is the limit” in terms of the economic benefits that will flow from it, Commerce and Industry Minister Piyush Goyal said here Thursday.

The minister arrived in the UK on a three-day visit to review the preparedness of both countries for the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA), which will enter into force from July 15.

Addressing the India Global Forum (IGF) UK-India Week at the start of his tour, the minister exhorted businesses in both countries to “seize the moment” and set ambitious targets to boost the estimated 48-billion-pound annual bilateral trading partnership on the back of CETA.

“The UK free trade agreement will be the first most comprehensive agreement that India has entered into so far,” said Goyal.

“It's a partnership between two complementary economies, two growing economies. We understand each other, the mindset has got a lot of similarities. If our businesses leverage the benefits of the CETA, sky is the limit,” he said.

The minister dubbed as “very modest” some official UK government estimates that project the tariff cuts under the agreement injecting an estimated 25 billion pounds annual boost to the trading relationship over the next few years.

“That is very modest... I would think our businesses should be ambitious on both sides. I would beseech all the people in this room and take this message to all those who are not in this room to seize the moment,” he said.

Goyal hailed the level of continuity provided at the UK ministerial level, despite political instability that witnessed changes in governments from the Conservatives to Labour over the course of the FTA negotiations.

“Ministers may have changed, but I must compliment the UK for continuity in decisions and continuity in following through what was already negotiated,” he said. PTI AK NPK NPK

Free trade agreement with the UK seen as India's most comprehensive pact, with tariff cuts and trade growth ahead. India's Comprehensive Economic and Trade Agreement with the UK is described as the most comprehensive free trade agreement India has concluded so far, with implementation scheduled to begin on 15 July. The agreement is presented as a framework for expanding bilateral commerce between two complementary and growing economies, and businesses in both countries are urged to leverage its tariff reductions and market-opening benefits to raise the trading partnership to a much higher level.