Great news for global trade! Britain and India have signed a major free trade agreement that promises to reshape how both nations exchange goods and services. This landmark deal was finalized during Indian Prime Minister Narendra Modi's visit to Britain at Chequers, and it comes packed with benefits that could soon impact everyday life. 😎
Under the agreement, India's average tariff on British products drops from 15% to 3%. For example, tariffs on whisky and gin are reduced from 150% to 75% initially—with plans to bring them further down to 40% over the next decade. British automotive tariffs, on the other hand, are set to fall dramatically from over 100% to 10%, subject to a quota system. In a major win for exporters, 99% of Indian exports to Britain will face zero tariff.
The British government projects that this deal will create over 2,200 new jobs and stimulate key sectors such as aerospace, technology, and advanced manufacturing. Additionally, it is estimated that the agreement could boost collective wages by 2.2 billion British pounds each year, potentially leading to lower prices and more options in daily essentials like clothes, shoes, and food. 🚀
This trade pact not only paves the way for increased bilateral cooperation but also highlights how modern trade strategies can drive economic growth in our fast-paced, tech-driven world. It’s an exciting step forward for global commerce!
Reference(s):
cgtn.com
