India and UK reach trade deal
The UK’s free trade agreement with India is estimated to increase bilateral annual trade between the two countries by £25.5 billion, but how has the news been received by industries and experts? David Sapsted reports.
It took three years of intense and sometimes gridlocked negotiations, but finally in May – galvanised, it seems, by Donald Trump’s imposition of global tariffs – India and the UK reached a long-awaited free trade agreement (FTA).The bilateral deal might not be quite signed, sealed and delivered. Officials in New Delhi reckon the signing and sealing could still be three months away, while delivery could take over a year. Even so, Narendra Modi and Keir Starmer were quick to sing its praises.
The British Prime Minister hailed the “landmark” agreement as one that would boost the economy and “deliver for British people and business”. His Indian counterpart described the deal as an historic milestone that would “catalyse trade, investment, growth, job creation, and innovation in both our economies”.Headline moves in the FTA included lower or no tariffs on clothing and footwear, cars, food and jewellery arriving in the UK from India; and on whisky, gin, aerospace, electricals, medical devices, some foodstuffs and cars going the other way.
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