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 between the two countries cheaper and easier. The agreement includes reducing taxes on many items like clothing, cars, and drinks. The deal is expected to increase trade and benefit the economies of both countries over time, but it will not start for about a year.Key Facts
- The UK has lowered taxes on goods imported from India, including clothing, footwear, food, jewellery, and some cars.
- India has lowered taxes on UK imports, such as cosmetics, whisky, gin, high-value cars, and food items.
- UK businesses will be able to compete for more services contracts in India.
- The trade deal could increase the UK-India trade by £25.5 billion a year by 2040.
- It could boost the UK economy by £4.8 billion over time.
- The agreement follows lengthy negotiations and is the third-largest trade deal for the UK after deals with Australia and Japan.
- Trade between the UK and India totaled £42 billion last year.
- The deal does not come into effect immediately and may take up to a year to start.
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