The Prime Minister Narendra Modi is on a two -day visit to the United Kingdom, during which India formalized an agreement on free trade monument (FTA), which will strengthen the annual two -sided trade by almost $ 34 billion. The agreement promises easier access to the market for both countries, with 99 % of Indian exports gaining tariff benefits and British products such as whiskey, cars, medical facilities and cosmetics, becomes available in India.
In a joint statement after signing an agreement on the free trade agreement, he stated that the agreement was more than just an economic partnership. He said, “It’s also a plan of shared prosperity.”
UK PM PM Keir Starmer said: “The agreement with India means jobs, investments and growth in the UK. It creates thousands of British jobs, unlocks new opportunities for businesses, and puts money in pockets.”
Key points from the free trade agreement
FTA is expected to strengthen key sectors such as textiles, leather, shoes, sports and toys, maritime products, gems and jewelry, engineering goods, car and engines and organic chemicals.
The benefits of free trade agreement are beneficial to British whiskey producers because the tariffs are reduced to half, immediately decreased from 150 % to 75 percent, and then dropped to 40 percent in the next ten years.
The automotive tariff dropped from 100 % plus to 10 percent under the quota, so the British car-manufacturer of Aston Martin and the Tata-Randed Jaguar Land Rover-cheaper in India.
Electronics exports in India are expected to strengthen electronics in India, including smartphones, optical fiber cables and inverters-at the same time pushing on the growth of software services.
Indian spices like turmeric, pepper, cardamom; Processed goods such as mango pulp, cucumbers and pulses; And maritime products such as shrimp and tuna will enjoy a duty -free access to the British market after FTA signature.
The clerk said, “Feni of Goa, Artisanal Wines of Nashik and Toddy from Kerala will now enjoy the protection of geographical indications (GI) (GI) (GI) (GI) and shelves in top British retail and hospitality chains.”
The free trade agreement will liberate at least 75,000 Indians working in the UK from social security payments for three years.
Minister of the Union Piyush Goyal, who accompanied Prime Minister Modi to sign the memory of FTA with Great Britain, said that Indian talent in it, services and education would gain from a simpler approach to British high -value markets, with both parties signing an agreement.
The agreement allows the temporary stay of Indian visitors to business and providers of contractual services, yoga instructors, chefs and musicians.
Items such as dairy products, apples and edible oils excluded from cuts.
(Tagstotranslate) Prime Minister Narendra Modi
