UK, India Strike Free Trade Deal
The U.K. and India agreed to a new free trade deal this week that will reduce tariffs for a range of goods in what will be a “huge economic win” for the U.K., the country announced. The U.K.’s trade agency said the agreement will reduce Indian tariffs on 90% of U.K. exports’ tariff lines -- including whiskey, cosmetics and medical devices -- and 85% of those lines are expected to become “fully tariff-free within a decade.” The U.K. also said it plans to reduce import duties that will lead to lower prices for clothes, footwear, and food products from India, including frozen shrimp.
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The U.K. called the agreement the “best deal that any country has ever agreed with India.” The two countries will next work to finalize the deal text, and both sides will have to ratify the agreement.