India has signed a free trade deal with the United Kingdom, in a multi-billion pound export boost.
Under the agreement UK cars and whisky will be cheaper to export to India and Indian textiles and jewellery cheaper to export to the UK.
The trade deal has been under negotiations for three years and is expected to boost bilateral trade between the two economies by $34 billion annually.
For India, average tariffs for some British products will drop from 15 per cent to 3 per cent after the free trade agreement comes into effect, while electric vehicles will see a tariff cut from 110 per cent to 10 per cent.
As for the UK, businesses will gain expanded access to public procurement opportunities in India and will see cheaper prices and more choice on clothes, shoes, and food products.
UK’s Prime Minister said agreement was “the biggest and most economically significant” trade deal Britain has made since Brexit, while PM Modi called it “a blueprint for shared prosperity”.
