Noida: India and Britain have signed a historic Free Trade Agreement (FTA). The deal was concluded in the presence of Prime Minister Narendra Modi and British PM Keer Starmer. With this agreement, the business relations between the two countries will reach a new height.
Trade will be doubled, economic support will increase
The agreement is expected to increase bilateral trade between India and Britain by about $ 34 billion every year. Also, by 2030 the total trade can reach $ 120 billion.
These products exported from India will be cheap
Tariffs will decrease on many products sending from India to Britain under FTA, which will reduce British customers
These things will be cheaper:
Leather and shoes
Auto parts
C-food
Toys
Clothes
These foreign products will also be found cheap in India
After this agreement, there will also be relief in import duty on many products coming from Britain to India.
This will make the following things cheaper in the Indian market:
Whiskey
Chocolate
Biscuit
Salmon fish
Cosmetics
Medicare product
Luxury cars
99% Indian exporters will benefit in tariff
According to officials, 99 percent of Indian exporters will get tariff relief from this agreement. This will help Indian companies to set foot in the British market and UK companies will get a chance to sell their products easily in India.
Final approval will be done from British Parliament
However, it is necessary to pass through the British Parliament before this agreement comes into effect. This process can take about a year.
British PM’s statement: “More money will come in the working class pocket”
Britain’s Prime Minister Kir Starmer appreciated the agreement and said,
> “This agreement is for the common people. This will increase job opportunities, will improve the standard of living and more money will come in the working class pocket. It will make the business easier and reduce the tariff.”
conclusion:
India-Britain FTA is not just a trade agreement, but a new beginning of cooperation of two strong economies. While the common people will get cheap products, the business world will also get new opportunities.
