UK and India sign free trade agreement during Modi visit
Summary
The United Kingdom and India signed a new trade agreement that will lower taxes on many goods and increase business opportunities in both countries. The deal, considered the UK's most significant since leaving the EU, will require approval from the UK Parliament. It aims to boost trade and investment significantly between the two nations.Key Facts
- The trade agreement will reduce tariffs on goods like textiles, whisky, cars, and spices.
- The UK and Indian trade ministers signed the deal at a meeting hosted by British PM Keir Starmer and Indian PM Narendra Modi.
- The agreement comes after three years of negotiations and still needs UK Parliament approval.
- It is the biggest trade deal for the UK since exiting the European Union in 2020.
- The average tariff on British goods in India will drop from 15% to 3%.
- Import taxes on whisky and gin in India will decrease significantly over ten years.
- India aims to eliminate import duties on 99% of its exports, including clothes, shoes, and food.
- The UK and India plan to increase their trade by £25.5 billion and add £4.8 billion annually to the UK economy through this deal.
- The two countries are major global economies, ranking sixth and fifth largest, with a trade relationship worth about £41 billion.
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