Britain and India have reached a long-awaited trade agreement expected to inject £4.8 billion annually into the UK economy by 2040. The deal, seen as a critical achievement following Brexit, reduces tariffs on British whisky, gin, and cars, while allowing for greater access to Indian markets. Specific tariff reductions include a drop from 150% to 75% on whisky and from 100% to 10% on cars. The broader implications include expanded consumer choice and predicted growth in bilateral trade by £25.5 billion, alongside enhancement in GDP and wages for the UK.
The landmark deal with India promises a boon for the UK's car and alcohol industries, with significant tariff reductions enhancing trade and consumer access.
Ministers stated that the agreement would contribute £4.8 billion a year to the UK economy by 2040, emphasizing its long-desired impact post-Brexit.
India's cuts on British whisky tariffs, from 150% to potentially 40%, will significantly benefit UK exports and enhance consumer choice in the Indian market.
The trade deal aims to boost bilateral trade by £25.5 billion while also expanding UK GDP and wages, generating a positive financial outlook for both nations.
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