UK and India Seal Historic Free Trade Agreement Boosting Bilateral Trade by £25.5 Billion
The UK and India have finalized a major trade deal anticipated to strengthen economic ties and reduce tariffs significantly by 2040.
Summary
After over three years of negotiations, the UK and India have concluded their most comprehensive free trade agreement, marking Britain's largest post-Brexit trade deal. Expected to enhance trade by £25.5 billion annually by 2040, the agreement significantly reduces tariffs on British products like whisky (from 150% to 40%) and automobiles (over 100% to 10%), while eliminating 99% of tariffs on Indian goods headed to the UK. The deal aims to create jobs, provide cheaper prices for consumers, and facilitate easier visa processes for Indian professionals. Both leaders underscored the agreement's potential to strengthen their economies.
Sources (9)
- The UK and India have agreed to a trade deal that is portrayed as a significant economic boost for both nations, promising substantial tariff reductions that will enhance various industries, especially whisky and cars.
- Supporters celebrate the potential of the agreement to catalyze job creation and innovation, while also emphasizing India's growing participation in global value chains.
- Ongoing discussions about additional treaties and labor standards highlight a commitment to comprehensive economic partnerships between the two nations.
CNN·15d· "…The prospect of an agreement with any one major trading partner has boosted confidence in US financial markets and raised hopes that the world may avoid the worst impacts of America’s tariffs."
The Guardian·15d· No analysis available for this article
Al Jazeera·15d· "…The deal comes as countries around the world are pondering new strategies and negotiating trade deals to make up for the costs of tariffs imposed by the Trump administration in the United States."
The Guardian·16d· "…The deal, which is the biggest and most economically significant trade deal the UK has done since leaving the EU, was wanted by a succession of Conservative prime ministers."
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