India and the United Kingdom have finalized a landmark trade agreement after three years of negotiations, poised to increase bilateral trade by £25.5 billion and boost the UK GDP by £4.8 billion annually. The agreement significantly lowers Indian tariffs, affecting 90% of tariff lines, ultimately achieving near-total reductions within ten years. Key UK industries such as alcohol and automotive stand to benefit greatly from this deal, which also includes provisions for a Double Contribution Convention exempting Indian and UK workers from national insurance payments for three years. Further negotiations on investment treaties and labor standards are anticipated.
The trade deal between India and the UK, years in the making, is set to significantly boost bilateral trade and economic growth for both nations.
Under the deal, tariffs on 90% of Indian imports will be slashed, with British vehicles and alcohol industries standing to benefit immensely.
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