Deal done between India-UK, now these things including clothes and medicines will be cheaper, see the list
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After nearly two and a half years of negotiations and strategic brainstorming, the Free Trade Agreement (FTA) deal has finally been signed between India and Britain. This historic deal was finalized during the meeting of Prime Minister Narendra Modi and British PM Keir Starmer in London.
In such a situation, this agreement was not just between two governments. This will affect the pockets, jobs and business of the common people of both countries.
Deal between India-UK
If the Free Trade Agreement i.e. FTA is understood in simple language, then the tax on sending and importing goods across the border will be reduced or eliminated. This will make the products of one country cheaper in another country and companies will get a new market.
Under the India-UK deal, 99% of India’s export items will no longer be taxed in the UK. At the same time, India will reduce or remove tariffs on about 90% of the goods coming from Britain.
What will become cheaper now?
After this deal, the prices of the things which can fall include:-
- Electronic items
- Fashion and garments
- Sea food
- Steel and jewellery
- British whisky
- Some things will become expensive
- Agricultural products
- Luxury cars and bikes
- Some heavy metal products
- These things can become expensive because the exemption on these in the tax structure is limited.
What for the common man?
This agreement will not only make things cheaper but will also open new doors of employment. Indian companies will get entry in Britain on a large scale and for this they will not have to pay heavy tax. At the same time, investors of Britain will also be able to invest freely in India.
This is what PM Modi said
Prime Minister Narendra Modi said that after many years of hard work, we have signed a strong and balanced free trade deal. This will strengthen the economy of not only India but also Britain. Our farmers, textile and marine industry will now get a new identity in the British market.
