
99% of India’s Export to UK is Now Duty-Free under Free Trade Agreement
In a significant development that is expected to boost bilateral trade between India and the United Kingdom, the two nations have signed a free trade agreement aimed at doubling their trade to $112 billion by 2030. The deal, which has been hailed as a major win for Indian exporters, grants duty-free access to 99% of Indian exports to the UK.
The agreement, signed recently, is expected to benefit Indian industries such as textiles and leather, which have been facing stiff competition from international rivals. The duty-free access to the UK market is expected to increase Indian exports to the region, creating new opportunities for Indian businesses and generating employment.
In return, the UK has agreed to reduce tariffs on its goods exported to India, making them more affordable for Indian consumers. The reduction in tariffs is expected to benefit UK exporters of goods such as automobiles, whiskey, beauty products, and medical equipment.
The free trade agreement is a significant step forward in the economic ties between India and the UK, and is expected to have a positive impact on the trade balance between the two nations. The agreement is also expected to create new opportunities for Indian businesses to invest in the UK and vice versa.
Key Benefits for Indian Exporters
The free trade agreement is expected to have several key benefits for Indian exporters. Firstly, the duty-free access to the UK market will increase the competitiveness of Indian goods, making them more attractive to UK buyers. This is particularly significant for Indian textile and leather exporters, who have been facing stiff competition from international rivals.
Secondly, the agreement is expected to increase Indian exports to the UK, creating new opportunities for Indian businesses and generating employment. The UK is India’s third-largest trading partner, and the increase in exports is expected to have a positive impact on the Indian economy.
Thirdly, the agreement is expected to encourage Indian businesses to invest in the UK and vice versa. The reduction in tariffs on UK goods exported to India is expected to make them more affordable for Indian consumers, creating new opportunities for UK businesses.
Key Benefits for UK Exporters
The free trade agreement is also expected to have several key benefits for UK exporters. Firstly, the reduction in tariffs on Indian goods exported to the UK is expected to make them more affordable for UK consumers. This is particularly significant for UK businesses that import goods such as textiles, leather, and pharmaceuticals from India.
Secondly, the agreement is expected to increase UK exports to India, creating new opportunities for UK businesses and generating employment. The Indian market is a significant growth opportunity for UK businesses, and the agreement is expected to help UK exporters tap into this market.
Thirdly, the agreement is expected to encourage UK businesses to invest in India and vice versa. The increase in exports and imports between the two nations is expected to create new opportunities for UK businesses to invest in India and vice versa.
Conclusion
The free trade agreement between India and the UK is a significant step forward in the economic ties between the two nations. The agreement grants duty-free access to 99% of Indian exports to the UK, making them more competitive in the market. In return, the UK has agreed to reduce tariffs on its goods exported to India, making them more affordable for Indian consumers.
The agreement is expected to have several key benefits for both Indian and UK exporters, including increased competitiveness, increased exports, and new investment opportunities. The agreement is also expected to have a positive impact on the trade balance between the two nations and create new opportunities for businesses to grow and thrive.
Source:
https://trak.in/stories/india-uk-trade-deal-these-products-services-will-become-cheap/