Both Countries Have Been Negotiating the FTA for a Considerable Time
This announcement comes as both countries have been engaged in protracted negotiations for the FTA. This deal aims to elevate trade between the two nations to unprecedented levels.
India May Implement This Change
India has traditionally imposed high tariffs on imports, but to strengthen trade ties with the UK, India may now implement this change. According to reports, this significant tariff reduction could encompass food products, alcohol, automobiles, and other sectors.
This Decision Could Boost Demand for British Goods in India
According to the UK government, this decision could increase the demand for British goods in India, creating a ‘win-win’ situation for both countries. Simultaneously, Indian industries could gain access to superior technological and product quality options.
No Official Confirmation from the Indian Government
There has been no official confirmation from the Indian government on this matter yet, but experts believe this decision would be a significant step towards improving the trade balance and attracting investment.