India and UK finalize historic free trade agreement

India and the UK have finalized a free trade deal along with a double contribution convention with Prime Minister Narendra Modi noting that the agreement will catalyse trade, investment, growth and job creation in both the economies. According to the terms of the deal, 99% Indian exports to benefit from zero duty in U.K. market. Indian import duty will be slashed, locking in reductions on 90% of tariff lines, 85% of these becoming fully tariff-free within a decade.

Further, India reducing tariff for: whisky, medical devices, advanced machinery, and lamb, making UK exports more competitive. Goods with reduced import duties for Indian consumers: cosmetics, aerospace, lamb, medical devices, salmon, electrical machinery, soft drinks, chocolate and biscuits.

 

Products with cheaper prices for British shoppers: clothes, footwear, and food products including frozen prawns. Automotive tariffs will go from over 100% to 10% under a quota. The deal will also lead to a three-year exemption from social security payments for Indian employees working in the UK.

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