From whiskey to beauty products, British goods will now be cheaper, big change from India-UK FTA from July 15

Knews Desk- India and Britain have announced the date of implementation of their long-awaited free trade agreement. This agreement will be effective from July 15. This is being considered an important step towards strengthening economic relations between the two countries.

After the implementation of this free trade agreement, there will be a big reduction in the tariffs imposed on import-export of goods and services between India and Britain. This is expected to give new momentum to the trade relations between the two countries and doing business in many areas will become easier and cheaper than before. Under the agreement, the tariff on whiskey imported from Britain in India will be reduced from 150 percent to 40 percent. This decision will increase the competitiveness of British products in the Indian market. At the same time, some premium imported products may also be available to Indian consumers at relatively lower prices.

Apart from this, this agreement is also likely to impact sectors like textiles, engineering goods, automobile components, pharmaceuticals and agricultural products. Reduction in tariffs and simplification of trade procedures will benefit exporters from these sectors and increase bilateral trade. Economic experts estimate that after the implementation of this agreement, there can be a significant increase in trade between India and Britain in the long term. According to estimates, it is possible to increase the annual trade between the two countries by about 25.5 billion pounds.

According to the government statement, this agreement will be helpful in increasing economic opportunities for both the countries as well as encouraging investment. This will reduce trade barriers and further strengthen the participation of both the countries in the global supply chain. This free trade agreement between India and Britain is being considered an important step towards giving a new direction to bilateral trade relations as well as giving a new strength to economic cooperation.