Cargo Breaking News
India and Britain struck a ‘landmark’ trade deal marking progress on lowering and removing tariffs, said UK government in official press release. United Kingdom has secured much-awaited trade deal with India. The two nations’ agreement is “the biggest and most economically significant bilateral trade deal the UK has done since leaving the EU,” the UK Department for Business and Trade said in a press release. As a result of the agreement, it noted, bilateral trade is expected to swell by £25.5 billion ($34.1 billion) per year in the long run. That would be a 60% increase from the 2024 level, based on UK government data. India has agreed to reduce tariffs on a range of UK products, including whisky, medical devices, advanced machinery and lamb. And most of these levies will be removed altogether within a decade, according to the release. In turn, the United Kingdom will lower tariffs on Indian goods, the business and trade department suggested, without providing details.
“British shoppers could see cheaper prices and more choice on products including clothes, footwear and food products, including frozen prawns, as (the) UK liberalizes tariffs,” the release said.
