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.
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Overview
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.
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Analysis
- The UK and India have finalized a free trade agreement after over three years of negotiations, expected to significantly increase bilateral trade and positively impact their respective economies.
- The deal includes substantial tariff reductions on a variety of products, helping sectors affected by previous U.S. tariffs, with high hopes for the whisky and automotive industries.
- The trade agreement introduces a 'double contributions convention' for workers and aims to facilitate a smoother process for Indian professionals seeking visas to the UK.
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FAQ
The tariffs on British whisky will be reduced from 150% to 40%, and on automobiles from over 100% to 10% by 2040.
India will reduce import duties on 90% of tariff lines, with 85% of those expected to become fully tariff-free within a decade.
The agreement will provide Indian professionals with increased access to the UK market, including easier visa processes.
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