India-Free Trade Convention: India to reduce the fees on whiskey, cars and cosmetics

The conclusion of the Free Trade Agreement in India will lead to great gains for both countries with bilateral trade growing to more than $ 100 billion by 2030. In the near term, this means low duties from India on many materials from the United Kingdom including whiskey, cars, cosmetics and medical devices in the field of Indian export of Indian goods in a more facilitator for vocational workers in the field of specifications Social.

Negotiations on the Free Trade Agreement were launched in January 2022 and recently concluded amid the war of trade and tariff started by US President Donald Trump. Prime Minister Narendra Modi and UK Prime Minister Kiir Starmer announced on Tuesday the successful conclusion of the India Free Trade Convention – UK beneficial to the two parties (FTA).

According to fine printing, 99 % of Indian exports will benefit from a zero duty. According to an official statement, the Free Trade Agreement “opens huge export opportunities for the intensive sectors of workers such as textiles, marine products, leather, shoes, sports goods, games, precious stones, jewelry and other important sectors such as engineering commodities, car parts, engines and organic chemicals.”

According to a statement issued by the Ministry of Business and Trade in the United Kingdom, the Indian customs tariffs will be reduced, leading to discounts on 90 % of tariff lines, with 85 % of these lines free from customs tariffs during a decade. She also said to half from 150 % to 75 % before declining to 40 % by the tenth year of the tenth deal, while the car tariff will move from more than 100 % to 10 % under the share.

Other goods with low customs tariffs include, which can open markets and make trade cheaper for Indian companies and consumers, cosmetics, space, lamb, medical devices, salmon, electrical machines, soft drinks, chocolate and biscuits.

British shoppers can see cheaper prices and more options on products including clothes, shoes and food products including frozen shrimp with a UK tariff.

Indian Minister of Trade Puouch Joyl held talks with the UK’s commercial and trade secretary in London last week after re -launching the talks earlier this year. The free trade agreement takes place in the background of the growing economic relations between India and the United Kingdom as described in bilateral trade of about $ 60 billion, which is expected to double by 2030.