UK and India agree trade deal after three years of talks
Summary
The UK and India have finalized a trade agreement after three years of discussion. The agreement is expected to make it simpler for UK companies to export items like whisky and cars to India. The deal also lowers taxes on clothing and footwear goods exported from India to the UK.Key Facts
- The trade agreement between the UK and India will ease the export of UK goods to India and reduce taxes on specific Indian exports.
- Negotiations for this deal have been ongoing for three years.
- The UK government has stated that this trade deal does not change immigration policy, including for Indian students in the UK.
- According to UK Prime Minister Sir Keir Starmer, the agreement has the potential to stimulate growth and benefit British citizens and businesses.
- In 2020, the trade between the UK and India amounted to £41 billion, and this deal could increase it by an additional £25.5 billion a year by 2040.
- Once the agreement takes effect (which could take up to a year), UK consumers will likely pay less for goods imported from India due to a decrease in tariffs.
- Products that will see lower tariffs include clothing, foodstuffs, and jewelry from India and gin, whisky, and various other goods from the UK.
- The deal allows British firms to compete for more contracts in the services sector and procurement. This agreement also includes a 3-year waiver on social security payments by Indian employees working in the UK on short-term visas.
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