Hey everyone, exciting news from the world of global trade! During Indian Prime Minister Narendra Modi's visit to Britain at the iconic Chequers, Britain and India signed a blockbuster free trade agreement. This deal is set to change the game for both sides.
Under the agreement, India's average tariff on British products will dive from 15% to 3%. Fans of a good tipple will notice that tariffs on whisky and gin are halved from 150% to 75%, with further reductions over the next decade. Meanwhile, British automotive tariffs drop dramatically from over 100% to just 10%, subject to a quota. 🚗🍸
But that's not all—99% of Indian exports to Britain will now enjoy zero tariffs. The British government forecasts the deal will create over 2,200 jobs and energize sectors like aerospace, technology, and advanced manufacturing. Imagine the boost to wages and the extra choices in clothes, shoes, and food! 💼🚀
With an expected long-term bilateral trade increase of nearly 39%, potentially adding up to 25.5 billion British pounds per year by 2040, this free trade pact is clearly a win-win. Stay tuned for more updates on this dynamic shift in global trade!
Reference(s):
cgtn.com
