India-UK Trade Deal: Cheaper whisky and clothes on the horizon
The Free Trade Agreement between India and the UK will benefit Indian consumers from cheap branded clothes and whisky. The reduction in import duties under the deal will bring down the prices of British whisky and luxury clothing. The agreement, to be signed soon, aims to boost trade to USD 120 billion by 2030, the commerce ministry said.
India-UK deal: Exciting news has emerged for wine enthusiasts and shoppers of branded apparel in India. This development is likely to bring more smiles to their faces. Recently, India and Britain have signed a free trade agreement, which will lead to a reduction in prices for British whiskey, luxury brands, clothing and accessories, as well as medicines and electronic gadgets.
As per media reports, the major concern among people following this agreement is when the prices of these goods will decrease. An official from the Commerce Ministry provided extensive details about this free trade agreement, stating that the FTA between India and the UK, finalized on May 6, is likely to be signed shortly.
Branded clothes become cheaper
As part of the agreement between India and the UK, labor-intensive goods like leather products, footwear, and apparel will be exempt from taxes, while imports of whisky and cars from the UK will be more affordable. The goal of this initiative is to boost trade between the two nations to $120 billion by 2030.
Deal after 3 years
The most significant aspect is that this agreement between the two nations was reached after three years of discussions. It eliminates tariffs on 99 percent of Indian products entering the UK market, and it also facilitates Indian workers obtaining permits to work in the UK without altering the UK's points-based immigration framework.
Tariffs will be reduced
This free trade agreement aims to lower or remove tariffs on numerous goods and services exchanged between the two nations. An official has indicated that the agreement is likely to be signed shortly. Currently, the deal is undergoing the legal process, which is anticipated to be finalized in approximately three months. Negotiations for this agreement began in January 2020. Trade between India and the UK rose to $21.34 billion in 2023-24 from $20.36 billion in 2022-23.