United Kingdom, India concludes a trade agreement in the midst of American prices Blitz
London: The United Kingdom agreed on Tuesday a free trade agreement with India, its greatest agreement of this type since which left the European Union, after the negotiations relaunched in February following American tariff threats.
Great Britain has sought to strengthen trade links around the world since it left the EU at the start of the decade, a need that has strengthened after the United States has started rates that risk lower economic growth.
“Today, we have concluded a historic agreement with India – one of the fastest growth economies in the world, which will increase the economy and deliver British and business,” British Prime Minister Keir Starmer said in a statement.
His Labor government has added that it is “the largest and most important bilateral trade that the United Kingdom has concluded since its release from the EU”.
Prime Minister Narendra Modi described the agreement as “ambitious and mutually” beneficial.
The pact will help “catalyze trade, investment, growth, job creation and innovation in our two economies,” said Modi in an article on the X social media platform.
His office said in a statement that the agreement “would release a new potential for both nations to jointly develop products and services for global markets”.
He added that Modi had invited Starmer to visit India on an unpertified date.
Whiskey and shoes
The agreement will reduce prices on imports of British products in India, including whiskey, cosmetics and medical devices.
Whiskey and gin prices will be divided by two to 75%, while car rates will be reduced by more than 100%to 10%.
In exchange, the United Kingdom will reduce the prices for imports of clothing, shoes and food products, including frozen shrimp, India.
This occurs after US President Donald Trump has increased prices on business partners and has launched sectoral samples from steel, aluminum and cars.
The United Kingdom and India are respectively the sixth and fifth largest world economies, with a commercial relationship worth around 41 billion pounds Sterling ($ 54.8 billion) and investments supporting more than 600,000 jobs in both countries.
The free trade agreement is expected to increase exchanges between the two countries of 25.5 billion pounds sterling, as well as stimulating the British economy and wages.
The United Kingdom called “the best deal that India has ever agreed”.
The talks were relaunched between the two countries in February after having hidden under the previous conservative administrations of Great Britain.
In previous negotiations, India had pushed more work in the United Kingdom and to study visas for its citizens in exchange for reduction in prices.
