Revolutionizing Trade: The UK-India Free Trade Agreement Unleashed
The UK has successfully negotiated a Free Trade Agreement (FTA) with India, promising to enhance trade by making it quicker, cheaper, and easier. The agreement is set to boost the UK economy, enhance small business exports, and open new opportunities in the automotive and steel sectors.
- Country:
- United Kingdom
The bilateral Free Trade Agreement (FTA) between the UK and India, announced earlier this month, is poised to simplify and enhance trade, according to a statement from the UK government on Wednesday. This landmark deal is predicted to increase UK exports by an estimated GBP 25.5 billion annually in the long term.
Business and Trade Secretary Jonathan Reynolds lauded the FTA as the best deal India has ever accepted, during the inaugural meeting of a revamped advisory board aimed at fostering UK exports. This Board of Trade is designed to support small businesses in exploiting new global market opportunities.
The FTA is expected to strengthen the UK's trade in sectors like whiskies, cosmetics, and medical devices, while slashing tariffs and promoting digital systems to benefit small and medium enterprises. This historic agreement is part of a broader strategy to align the UK's trade momentum with upcoming trade deals, including one with the US.
(With inputs from agencies.)
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