In a major development, the UK and India have established a trade deal after lengthy negotiations, facilitating exports and enhancing economic cooperation.
UK and India Forge Historic Trade Agreement
UK and India Forge Historic Trade Agreement
Landmark deal expected to boost economic ties and trade by billions.
The United Kingdom and India have finalized a significant trade agreement following three years of intermittent negotiations. This groundbreaking deal aims to simplify the export process for UK businesses, particularly in the sectors of whisky, automobiles, and various goods, while simultaneously reducing tariffs on India's clothing and footwear exports. Notably, the agreement does not alter immigration regulations, specifically regarding Indian students in the UK.
Business Secretary Jonathan Reynolds highlighted that the advantages for UK companies and consumers would be “massive,” particularly as trade between the two nations reached £41 billion last year, with projections estimating an additional £25.5 billion surge by 2040 due to this agreement. Reynolds recently met with India's Commerce Minister Piyush Goyal in London to finalize the details.
Once implemented, potentially within the next year, UK consumers are expected to enjoy lower tariffs on imported goods from India, as stated by the Department for Business. Moreover, the government underscored the prospective benefits for economic growth and job creation stemming from increased UK exports to India.
As India is poised to become the world’s third-largest economy within the foreseeable future, the proactive steps taken by both countries echo a responsive strategy to global trade dynamics, particularly in light of the Trump administration's tariff policies. India's Prime Minister Narendra Modi's government also identifies the UK as a vital trading partner, emphasizing a goal to augment exports by $1 trillion by 2030.
This evolving news story will be updated with further details as they emerge.
Business Secretary Jonathan Reynolds highlighted that the advantages for UK companies and consumers would be “massive,” particularly as trade between the two nations reached £41 billion last year, with projections estimating an additional £25.5 billion surge by 2040 due to this agreement. Reynolds recently met with India's Commerce Minister Piyush Goyal in London to finalize the details.
Once implemented, potentially within the next year, UK consumers are expected to enjoy lower tariffs on imported goods from India, as stated by the Department for Business. Moreover, the government underscored the prospective benefits for economic growth and job creation stemming from increased UK exports to India.
As India is poised to become the world’s third-largest economy within the foreseeable future, the proactive steps taken by both countries echo a responsive strategy to global trade dynamics, particularly in light of the Trump administration's tariff policies. India's Prime Minister Narendra Modi's government also identifies the UK as a vital trading partner, emphasizing a goal to augment exports by $1 trillion by 2030.
This evolving news story will be updated with further details as they emerge.
