Four things you need to know about UK-India trade deal
Summary
The UK and India have signed a trade deal to make buying and selling goods and services to each other easier and less expensive. The deal, which both countries hope will boost their economies, is marked as the UK's most significant trade agreement since parting ways with the European Union in 2020. The deal will not take effect immediately – it may be up to a year before changes are noticeable.Key Facts
- The UK and India have agreed on a trade deal which lowers taxes on goods imported from each other.
- The deal is seen as the UK's biggest trade agreement since it left the European Union in 2020.
- Goods covered in the deal range from clothing, food items, jewellery, medical devices, aerospace, and electrical machinery.
- British companies will be able to compete for more services contracts in India thanks to this deal.
- It may take up to a year for this deal to become active.
- Over time, the deal could result in more product choices and possibly lower prices.
- The deal could benefit businesses that manufacture goods like car makers and whisky distillers.
- Trade between the UK and India in 2020 was valued at £42 billion. This deal is expected to add an extra £25.5 billion a year by 2040.
- While this deal is significant, an agreement between India and the EU, which are the biggest trading partners for both the UK and India, would be more impactful.
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