After many years of discussion, there has been a free trade agreement between India-UK. It was signed in the presence of Prime Minister of India Narendra Modi and the UK’s PM Kareer stormers.
This deal will increase the $ 34 billion business annually between the two countries.
According to the document, 99% of Indian exports to Britain after FTA will eliminate fees, including textiles, generic medicines and medical equipment, leather goods and agricultural and chemical products. This means that these things can be cheap. At the same time, it will be easier for British companies to inhabit the wealth of whiskey, car and other products in India. Also, business will be encouraged and 90 percent of British goods in India will be reduced.
This is the most important trade agreement for India so far and it will reduce obstacles to attract the investment of South Asian country. This deal will provide a new market for some Indian liquor going to UK. At the same time, some expensive liquor bottles of UK will be cheaper in India.
Which wine of the British will be cheap?
Under the Free Trade Agreement, India will reduce the fee of UK from the current 150% to 75% and has set a target to reduce it to 40% in the next 10 years. That is, the prices of whiski coming from Britain will decline.
Famous whiskey Johnny Walker, Chivas Regal, Single Malt Scotch, Glenmoranji, Blended Scotch Whiskey and Jura prices may decrease in India. Britain’s premiums, such as Brands, Tanqueray and Bombay Sapphire, BEEFERATER and Gordon’s may also be cheap.
How much can their price be reduced
It is estimated that if the price of a British whiskey costs Rs 3000, then after FTA, the price of this Scotch whiskey bottle can be up to Rs 1200. At the same time, a bottle of 4000 rupees can be found for 1600 rupees.
Goa’s Feni gets international market
On Thursday, after signing the Indo-Britain Free Trade Agreement (FTA), the famous liquor of Goa and the traditional toddy of Kerala have been given a big market by the United Kingdom (UK). According to PTI, Indian drinks like Goa’s Feni, Nashik’s wine and Kerala’s toddy have got a new market, which will make their grip even stronger at the global level. Now these things will also be found at UK retail shops and high level hospitality sites.
The goal of exporting wine up to $ 1 billion
These traditional alcoholic beverages of India will now compete with world famous brands such as Scotch Whiskey, which will fulfill the growing demand of natural, biological and inherited-rich products in Britain. The ministry further stated that apart from the retail market, FTA opens export opportunities to the hospitality sector, which will give Indian alcohol beverages a new international platform. This platform will increase India’s alcoholic beverage export. Currently, the target is to extend the US $ 1 billion by 2030, worth US $ 370.5 million.