London (UK), May 6 (ANI): The UK and India have agreed a landmark trade deal which delivers on the UK government’s core mission of growing the economy, raising living standards, and putting money in people’s pockets, the UK government said in a statement.
Indian tariffs will be slashed, locking in reductions on 90 per cent of tariff lines, with 85 per cent of these becoming fully tariff-free within a decade.
Whisky and gin tariffs will be halved from 150 per cent to 75 per cent before reducing to 40 per cent by year ten of the deal, while automotive tariffs will go from over 100 per cent to 10 per cent under a quota, said the UK government statement.
Other goods with reduced tariffs, which can open markets and make trade cheaper for businesses and Indian consumers, include cosmetics, aerospace, lamb, medical devices, salmon, electrical machinery, soft drinks, chocolate, and biscuits, said the UK government.
“British shoppers could see cheaper prices and more choice on products including clothes, footwear, and food products including frozen prawns as UK liberalises tariffs,” the statement added.
The deal is expected to increase bilateral trade by GBP 25.5 billion, UK GDP by GBP 4.8 billion and wages by GBP 2.2 billion each year in the long run.
“UK businesses gain a competitive edge over international competitors when entering India’s enormous market as it gets even bigger, forecasted to become the 3rd largest global economy within three years,” it added.
Business and Trade Secretary Jonathan Reynolds and Indian Commerce Minister Piyush Goyal held final talks in London last week after relaunching negotiations only two months ago. Negotiators across both sides have worked around the clock since February to get this deal done, which is the biggest and most economically significant bilateral trade deal the UK has done since leaving the EU, and the best deal India has ever agreed.
Prime Minister Keir Starmer said, “We are now in a new era for trade and the economy. That means going further and faster to strengthen the UK’s economy, putting more money in working people’s pockets.”
“Through this government’s stable and pragmatic leadership, the UK has become an attractive place to do business. Today we have agreed a landmark deal with India – one of the fastest growing economies in the world, which will grow the economy and deliver for British people and business.
“Strengthening our alliances and reducing trade barriers with economies around the world is part of our Plan for Change to deliver a stronger and more secure economy here at home,” the UK Prime Minister added.
Business and Trade Secretary Jonathan Reynolds said, “This government’s number one mission is growing the economy as part of our Plan for Change so we can put more money in people’s pockets.”
“By striking a new trade deal with the fastest-growing economy in the world, we are delivering billions for the UK economy and wages every year and unlocking growth in every corner of the country, from advanced manufacturing in the North East to whisky distilleries in Scotland. In times of global uncertainty, a pragmatic approach to global trade that provides businesses and consumers with stability is more important than ever.”
At least 1.9 million people with Indian heritage call the UK their home and striking this deal will strengthen the vital partnership between our two democracies, Reynolds added.
“The benefits for UK businesses and consumers under this deal are massive, with wins across an array of sectors,” the Business and Trade Secretary added. (ANI)
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