The UK and India agreed on a landmark trade deal. Indian tariffs will be slashed, locking in reductions on 90% of tariff lines, with 85% of these becoming fully tariff-free within a decade.

As soon as the deal comes into force, 64% of tariff lines will be eligible for tariff-free imports into India, covering £1.9 billion of current UK exports to India (2022). This will open up new opportunities through tariff-free access for UK agri food, such as fresh and frozen salmon.

UK businesses and consumers will also have increased access to tariff-free imports from India, with tariffs being eliminated on 99% of Indian goods which could provide better choice, quality and affordability of a wide range of Indian products such as shrimp.

The deal is expected to increase bilateral trade by £25.5 billion, UK GDP by £4.8 billion and wages by £2.2 billion each year in the long run.

UK businesses gain a competitive edge over international competitors when entering India’s enormous market as it gets even bigger, forecasted to become the 3rd largest global economy within three years.

Business and Trade Secretary Jonathan Reynolds and Indian Commerce Minister Piyush Goyal held final talks in London last week after relaunching negotiations only two months ago. Negotiators across both sides have worked around the clock since February to get this deal done, which is the biggest and most economically significant bilateral trade deal the UK has done since leaving the EU, and the best deal India has ever agreed.