India UK trade benefits – Bharat Pulse News

The India-UK Free Trade Agreement will take effect on July 15, reducing tariffs on British products entering India while providing duty-free access to almost all Indian exports entering the United Kingdom. India-UK FTA Cuts Import Duties India will reduce or remove tariffs on 90% of British tariff lines, with 64% becoming duty-free immediately and 85% reaching zero duty over time. Import duty on Scotch whisky and gin will fall from 150% to 75% immediately before declining to 40% over 10 years. Tariffs on British automobiles will eventually fall to 10% under a quota-based system. British seafood products such as salmon and cod will receive immediate duty-free access. Tariffs on cosmetics, medical devices, machinery, chocolates, biscuits and soft drinks will also be reduced or eliminated in phases. Indian Exports Get Zero-Duty UK Access The agreement provides duty-free access to 99% of Indian exports entering the UK. Major beneficiaries include textiles, apparel, footwear, leather, marine products, engineering goods, pharmaceuticals, chemicals, electronics and gems and jewellery. Existing UK tariffs of up to 12% on Indian textiles, 16% on leather products and 21.5% on marine products will be eliminated. Tea, instant coffee, spices, processed foods, smartphones, optical fibre cables and inverters will also gain improved access to the British market. India Protects Sensitive Farm Sectors India has excluded sensitive agricultural sectors such as dairy products, cereals, millets, edible oils, oilseeds and apples from its market-access commitments. The agreement also introduces simpler customs procedures and improved access for businesses and service providers. India and the UK expect the deal to increase bilateral trade and create new opportunities for exporters, manufacturers, workers and small businesses.

India-UK FTA Cuts Tariffs From July 15

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