The British government said on Thursday that India-UK Free Trade Agreement (FTA) would significantly increase the market access. The agreement will promote bilateral trade by about 34 billion US dollars annually. This announcement has been made when this historical agreement is to be formally given. According to PTI news, this FTA, which is being described as the most important economic bilateral trade agreement after Britain exiting the European Union. India’s Prime Minister Narendra Modi and British Prime Minister Kir Starmer will be signed in the presence.
Consent between the two countries on 6 May
The agreement between India and Britain was agreed on May 6. It has targeted to increase the trade by $ 120 billion by 2030. In addition, 99% tax relief on Indian exports and 90% fee cut on British products are also included.
Indian consumers will be able to get the best British products
According to the news, both the Prime Minister will also launch the “UK-India Vision 2035”, aimed at taking his partnership to new heights under the rapidly changing global conditions. Britain said Indian consumers will get better access to the best British products such as soft drinks, cosmetics, cars and medical devices, as the average import duty will decrease from 15 percent to 3 percent after the implementation of this agreement.
Indian goods will be cheaper for British consumers
The British government has said in its official statement that at present, Britain imports 11 billion pounds of clothes from India, but now it will be easier and cheaper to buy Indian products for British consumers and businesses due to exemption in fee on Indian goods. This will help Indian companies further increase their exports to the UK.
A big win for Britain: Keer Starmer
UK Prime Minister Kir Starmer said that our historic trade agreement with India is a major victory for Britain. He said that this agreement will create thousands of new jobs across the country, open new opportunities for businesses and will accelerate economic growth in every corner of Britain. This is a major part of our change agenda.
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