Jul. 24 at 9:45 PM
UK & India have finally sealed a free trade agreement after 3 years of negotiation which will reduce tariffs on products ranging from cars to alcohol
This is Britain’s biggest trade deal since Brexit & India’s most significant in a decade
As a part of the deal, ~90% of tariff lines will be reduced for British exports to India, including 85% that will be fully tariff-free w/n a decade. India will see duty reductions on ~99% of tariff lines for goods shipped to Britain. Levies on whisky & gin will be halved to 75% before reducing to 40% by the 10th year of the deal, while auto industry tariffs will reduce to 10% — under a quota — from 110% over that period
For India, trade deal reinforces push to position India as a viable alternative for global supply chains looking to diversify. Deal signals that India is willing to lower barriers to attract investments as it negotiates a bilateral trade deal w/ the US & also act as a springboard for ongoing talks w/ EU & Canada
$INDA $INDY $EWU $FXB