The story so far: The India-U.K. Comprehensive Economic and Trade Agreement (CETA) came into effect on July 15, a year after it was signed. Coupled with this agreement, the Double Contribution Convention (DCC) also comes into effect at the same time. The deal has been hailed by both sides, with Commerce Secretary Rajesh Agrawal even saying it is the “gold standard” of India’s free trade agreements.

While speaking to the media a day before the deal went into force, Mr. Agrawal said the CETA stood out not just because of its breadth, but also its depth. That is, not only does it cover a wide range of tariff and non-tariff issues, but it also yields deep concessions within several of these issues.