Key Exports To Benefit From Lower Duties News24 –

A new page in the history of growing global trade and prosperity has been written with the new India-UK Free Trade Agreement. Signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, the trade deal, which was agreed upon and finalized in May this year, was officially signed on Thursday during Prime Minister Modi’s visit to the United Kingdom.

The agreement has been finalised to enhance bilateral trade between the two nations to $120 billion by 2030 — a target that is nearly double the current trade volume.

Here’s a detailed look at the various commodities impacted by the new trade policies between the two nations, along with other key highlights of the new Free Trade Agreement.

Here are a few other key details about the New Trade Deal

The agreement will ensure that 99% of Indian exports receive duty-free access to British markets. Broadly, UK exports to India will see tariffs reduced from 15% to 3%, meaning cheaper goods for Indian consumers.

India has also positioned its agriculture industry to benefit from this agreement. India’s agricultural exports stand at $36.63 billion, while the UK’s total agricultural imports are $37.52 billion. However, Indian exports to the UK in this sector are only $811 million. With this deal, the British market becomes a promising opportunity for Indian products such as tea, mangoes, grapes, spices, and seafood items.

Beyond these changes, the deal will also reduce import duties on UK-produced whisky and gin – from 150% to 75% initially, with a further decrease to 40% within the next decade. Tariffs on automobiles will also be lowered from 100% to 10%, though this will be subject to quota restrictions.

India and the UK have also discussed the possibility of a Social Security Agreement. This would ease the burden on Indian professionals working in the UK by removing the requirement to make duplicate contributions to social security funds.