India and Britain trade deal
India and Britain on Thursday signed a historic Free Trade Agreement (FTA). This agreement is expected to increase trade for about 3 lakh crore rupees annually every year between the two countries. Under this agreement, 99 percent of Indian exports will no longer be charged, so that Indian products will reach Britain more cheap. At the same time, exporting whiskey, cars and other things to India will also be easier and cheaper for British companies.
Deal in the presence of PM Modi
The agreement was signed in the presence of Prime Minister Narendra Modi and British Prime Minister Care Stmper. This was signed by India’s Commerce Minister Piyush Goyal and his British counterpart Jonathan Reynolds. Indian officials said that this FTA will provide great relief to Indian products in almost all sectors. About 99 percent of the products will end the entire fee on categories, which covers about 100 percent of the trade price.
On behalf of Britain, it was said that with this agreement, people of India will now be able to buy things like British soft drinks, beauty products, cars and medical equipment at a cheaper price. After the FTA is implemented, the average duty on goods coming from Britain will be reduced from 15 percent to only 3 percent.
The PM of Britain said this
Britain already buys about 11 billion pounds of goods from India. Now due to decrease in fees on Indian goods, British companies and customers will be able to get more goods from India. This will also increase exports to Britain from India. The British Prime Minister said on this occasion, this historic trade agreement that happened to India is a big victory for Britain.
India will benefit from trade deal
Officials of India also said that Indian businessmen will benefit greatly from this agreement. Also, selling whiskey, cars and other things in India for British companies will be easier than before, which will increase the total trade between the two countries.