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A FREE trade deal between Britain and India will come into force next month after India said its concerns over the UK’s forthcoming steel tariff regime, which threatened to delay implementation of the agreement, had been addressed.
Britain and India agreed a long-coveted free trade pact last year, binding the world’s fifth- and sixth-largest economies in one of the most ambitious deals of its kind in the shadow of tariff turmoil sparked by US President Donald Trump.
The deal is forecast to boost British GDP by £4.8 billion ($6.5Bn) and increase bilateral trade by £25.5Bn in the long run, according to UK government figures.
Under the agreement, India will cut whisky tariffs to 40 per cent from 150pc by the deal’s 10th year, and automotives to 10pc under a quota from 100pc, with Britain cutting tariffs on goods such as clothes, footwear and some food.
Yesterday the two countries agreed to move ahead with implementation of the trade deal on July 15 after British Prime Minister Keir Starmer held talks with his Indian counterpart Narendra Modi at a G7 leaders summit in France.
“A historic milestone for India-UK relations,” Modi said on X, adding the agreement would “significantly boost our bilateral trade and investment.”
Indian officials had previously raised the prospect of reopening or delaying the application of the FTA over concern about the impact of new UK steel trade measures, due to come into effect on July 1.
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