The agreement between the United Kingdom and India, signed on Tuesday (6), is expected to increase bilateral trade between the two parts by 25.5 billion sterlin pounds, the British Gross Domestic Product (GDP) in £ 4.8 billion and £ 2.2 billion by 2040, according to the United Kingdom government.
“Great economic victory for the UK with the signing of a commercial agreement with India, which will benefit the workers and the British companies,” the statement wrote.
According to the newsletter, the agreement will reduce Indian tariffs on some products, such as whiskey -which have fallen from 150% to 75% and will give in to 40% to the tenth year of the agreement -cosmetics and medical devices, ensuring 90% reductions in UK export tariffs. Automotive tariffs will go from more than 100% to 10% under a quota.
“British consumers will be able to see lower prices and more options in products such as clothing, shoes and food products as the UK liberalizes tariffs,” the statement adds.
