More details: Found hereKeir Starmer will sign off a major trade deal to make it easier for British firms to sell goods like whisky, cosmetics and cars to India.
The Prime Minister will meet Indian PM Narendra Modi on Thursday to rubberstamp the pact , which will add around £4.8billion to the UK economy each year.
The agreement will slash tariffs on trade between the UK and India, making it easier for UK firms to export and potentially offering cheaper prices to shoppers.
India's average tariff on UK products will drop from 15% to 3%, so it is cheaper for British companies to sell goods to the Indian market. Whisky producers will see tariffs slashed in half from 150% to 75%, and duties are expected to fall further to 40% over the next ten years.
Boris Johnson began negotiations in 2022 but failed to deliver on his boast that he would get a deal ⁘done by Diwali". His Tory successors Liz Truss and Rishi Sunak also struggled to make progress, with stumbling blocks including Indian tariffs on Scotch whisky and visa rules.
The Prime Minister said: "Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change.
No comments:
Post a Comment