FTA with UK to benefit thousands of chartered accountants, firms: ICAI president

The India-UK free trade agreement is expected to significantly boost the flow of high-value professional services work into India, benefiting thousands of chartered accountant firms and professionals, Institute of Chartered Accountants of India (ICAI) president Charanjot Singh Nanda said on Friday.

“By actively engaging with the commerce and industry ministry, the ICAI ensured liberal market access and the inclusion of a reciprocity clause protecting the use of the ‘chartered accountant’ title,” Nanda said.

India would benefit from the FTA due to its cost advantage, skilled workforce, and reputation, he added.


India has pledged to open 108 sub-sectors of services, including accounting, environmental services and auxiliary financial services, to UK firms under the trade deal signed on Thursday. In return, London will grant Indian companies access to 137 sub-sectors covering nearly all of New Delhi’s current services exports.

Nanda said the ICAI also rooted for mutual recognition of qualifications, enabling Indian chartered accountants to register and practice in the UK on a reciprocity basis.

The ICAI, through its Council, had provided technical inputs on licensing, qualification recognition, and digitally delivered services, leading to the formal inclusion of cross-border supply under the so-called Mode 1 services, Nanda said. “This opens significant outsourcing opportunities in areas such as bookkeeping, tax and consulting,” he added.

Additionally, the ICAI had facilitated provisions for commercial presence under Mode 3 services, which will enable Indian firms to register and operate in the UK without discriminatory restrictions while restoring the principle of reciprocity, Nanda said.