India’s Prime Minister Narendra Modi and British Prime Minister signed the India-UK free trade deal during PM Modi’s visit to London.
India will now slash the tariffs on the imports of UK from an average of 15 percent to 3 percent, media reports said.
This also means India has further eased its market for British firms which make products such as soft drinks, cosmetics, medical equipment and vehicles.
Also, reports say that whisky made by British companies is also likely to become cheap as the current tariffs would be reduced to almost 75 percent from 150 percent.
The India-UK Trade Deal: What’s In Store?
It could further drop to near 40 percent in the next ten years, media reports added.
The British PM said that the agreement could be described as a “major win” for several British companies as they could be benefited by a bigger market for their products.
For India, farmers would get the benefits from the trade deal. Following the signing, India can now export agricultural products to Britain without paying any duty, reports said.
This means Indian exporters will gain more in the British market in comparison to exporters from Germany and the Netherlands.
British Prime Minister added that they would like to extend their cooperation with India even further.
Talking about the India-UK vision 2035, he said, “this is not the extent of the limit for our collaboration with India. We have a unique bond of culture and history.. I am delighted that we are building on the India-UK vision 2035.”
The India-UK Trade Deal Will Benefit Both Nations
The British PM added that the deal will be beneficial for jobs, business, trade, and is likely to boost living standards of people in both countries.
PM Modi said that the signing of the deal marks a “historic day” for India-Britain ties.
He equated their ties with the actions in a cricket match, an obvious reference to the ongoing England-India Test series in the UK.
PM Modi said, “For both of us, cricket is not just a game but a passion and also a great metaphor for our partnership. There may be a swing and a miss at times but we always play with a straight bat. We are committed to building high scoring solid partnership” he was quoted as saying by local media reports.
PM Modi reportedly also invited the British PM to visit India.
Also Read: India‑UK Free Trade Deal: A Game‑Changer In 10 Sectors You Don’t Want To Miss?
