In a groundbreaking move, the UK and India have reached an agreement on a trade deal that is expected to have far-reaching implications for both nations. This deal will facilitate the export of various products from the UK to India, including whisky, cars, and other goods. It will also lead to a reduction in taxes on India’s clothing and footwear exports, boosting trade between the two countries.
The announcement of the trade deal comes following three years of negotiations between the UK and India. Prime Minister Sir Keir Starmer hailed the agreement as a “landmark deal” that will drive growth and benefit both British people and businesses. Last year, the total trade between the UK and India amounted to £41bn, with expectations of further growth. The new deal is projected to increase this trade by an additional £25.5bn annually by the year 2040.
Indian Prime Minister Narendra Modi expressed his excitement regarding the deal, describing it as a historic milestone that is ambitious and mutually beneficial for both nations. The pact is expected to catalyze trade, investment, growth, job creation, and innovation in both economies. Once the deal is implemented, UK consumers can look forward to reduced tariffs on goods imported from India, especially in sectors like clothing, foodstuffs, and jewelry.
The comprehensive trade agreement also includes provisions for the services sector and procurement, allowing British businesses to compete for more contracts in India. UK Business Secretary Jonathan Reynolds hailed the deal as the biggest and most economically significant bilateral trade agreement signed by the UK since leaving the European Union in 2020. The benefits for UK businesses and consumers are expected to be significant, with tariffs on key exports like gin and whisky being halved to 75%
Read the full article from The BBC here: Read More
