The UK and India have agreed a trade deal, promising to deliver easier exports and reduced tariffs, offering UK companies a competitive edge over international competitors in India.
For many Made in Britain companies, exporting to this huge market of 1.46 billion people will be made easier thanks to India agreeing to release goods as quickly as possible after arrival at customs, working with the UK on one streamlined portal for trade and publishing customs procedures and laws online in English.
In addition, new digital commitments will support electronic contracts and transactions. These changes aim to particularly support small and medium-sized businesses, making it easier for them to enter the Indian market.
The agreement has secured reductions on 90% of tariff lines, with 85% of these becoming fully tariff-free within a decade. Automotive tariffs will go from over 100% to 10% under a quota.
Other goods with reduced tariffs, which can open markets and make trade cheaper for businesses and Indian consumers, include cosmetics, aerospace, medical devices and electrical machinery.
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.
To learn more about exporting to India or another country, or for more details on Made in Britain’s International Trade Programme, please email trade@madeinbritain.org.