India and the United Kingdom signed a free trade agreement

India and the United Kingdom reached a free trade agreement that will allow the two nations to reduce import tariffs on certain goods and products.

According to Indian Prime Minister Narendra Modi, the agreement has been under negotiation for three years. In his opinion, it is an ambitious and mutually beneficial initiative.

For his part, British Prime Minister Keir Starmer called it a “milestone that is fantastic news for British businesses, British workers, and British shoppers.”

It was learned that, thanks to the agreement, products such as whiskey and gin, cosmetics, medical products, car and aircraft parts, and other goods from the United Kingdom will benefit from tariff reductions.

Regarding Indian products, the Asian nation’s prime minister emphasized that “99 % of Indian exports will not be subject to tariffs.”

The United Kingdom has indicated that it is confident that “the agreement will increase bilateral trade by 25.5 billion pounds (30 billion euros) per year in the long term.”

M.Pino

Source: euronews

(Reference image source: Dimitri Karastelev on Unsplash)

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