Britain and India have both agreed a free trade deal which will see cheaper prices on the high streets.
The deal will see Indian tariffs “slashed” on a variety of imported goods and the UK will cut some import levies, which comes as India has been seeking cuts on visa rules to allow for easier transfer of staff to work in Britain.
The agreement will see an increase in bilateral trade by £25 billion by 2040 which will see “clear and agreed routes.”
The government has agreed a “double contribution convention” meaning Indian workers will pay no national insurance for the UK and India in the first three years.
The Department for Business and Trade said they will “lock in” reductions on 90% of tariffs within the agreement and within a decade 85% will become “fully tariff free.”
Car tariffs will fall from more than 100% to 10%, whisky and gin tariffs will come down by half from 150% to 75% and will then be reduced to 40% within ten years.
Soft drinks, biscuits, chocolate, aerospace, electrical machinery and medical devices will also be reduced among others.
The agreement between the UK and India will see cuts of over £400 million on Indian tariffs that will double after ten years.
The Prime Minister spoke to the Indian Prime Minister Narendra Modi said, “Through this government’s stable and pragmatic leadership, the UK has become an attractive place to do business.
“Today we have agreed a landmark deal with India – one of the fastest growing economies in the world, which will grow the economy and deliver for British people and business.”
