In what is a landmark development for the two nations, both the United Kingdom (UK) and India have unveiled a new free trade agreement. Indeed, the deal had been reached after three years of negotiations that culminated in what is a massive moment for both countries.
The deal will reportedly make it much easier for the UK-based company to export various goods, including automobiles. Moreover, it will cut taxes placed on India’s clothing exports, the BBC reports. Subsequently, UK Business Secretary Jonathan Reynolds said that the benefits of the agreement would be “massive” for the European nation.
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UK and India Reach Major Free Trade Agreement
In early April, and on the heels of the United States’ America-First tariff plan, UK Prime Minister Keir Starmer expressed his willingness to reach a new trade agreement with the Western nation. Indeed, he was clear in his resolve to negotiate a deal that would benefit both sides.
That statement has held even more weight on Tuesday as the UK and India have unveiled a landmark free trade agreement. Specifically, both nations have ended a three-year negotiation to reach a deal that will be massively beneficial to both sides.
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As recently as May 3rd, reports surfaced that a UK and India trade deal had not been reached. Indeed, after talks ceased in London this past weekend, there were concerns about when those discussions would conclude. Not even a week later, and both sides.
The agreement is set to boost trade by an additional $34 billion a year by 2040, a report said. Moreover, the Department of Business noted that the agreement will benefit UK consumers due to the clear reduction in tariffs. Moreover, they claimed that the deal will also create clear economic growth and job creation through expanded exports into India.