UK, India Finalize Free Trade Deal
(MENAFN) The United Kingdom and India concluded a significant free trade pact on Thursday, marking a milestone in their economic partnership.
British Prime Minister Keir Starmer praised the development as a "historic day" and described the agreement as a "major win for Britain."
Following the official signing, Starmer emphasized that the trade agreement is expected to generate employment, broaden commercial prospects, and stimulate economic expansion throughout the UK.
He stated, "Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses, and drive growth in every corner of the country, delivering on our Plan for Change."
Starmer added that the agreement would help improve household finances by "putting more money in the pockets of hardworking Brits" and easing cost-of-living pressures.
He reiterated the government's commitment to accelerating economic development and enhancing the quality of life nationwide.
Indian Prime Minister Narendra Modi characterized the UK and India as "natural partners," expressing optimism that the nations are "writing a new chapter" in their long-standing relationship.
According to the terms of the agreement, India will reduce its average tariffs on UK exports from 15% to 3%.
This significant drop in trade barriers is expected to particularly benefit British producers of items such as soft drinks, cosmetics, automobiles, and medical equipment by providing greater access to the Indian marketplace.
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