LONDON: India and the United Kingdom concluded on Tuesday a free trade pact coveted for a long time, in a historic agreement which represents the most important post-Brexit agreement of London which was finalized in the shadow of the increase in the price of American president Donald Trump.
The agreement, between the fifth and the sixth world economy, was concluded after three years of arrest negotiations and aims to increase bilateral trade by an additional 25.5 billion pounds ($ 34 billion) by 2040 with liberal market access and commercial restrictions.
“These historical agreements will further deepen our complete strategic partnership and catalyze trade, investment, growth, job creation and innovation in our two economies,” said Indian Prime Minister Narendra Modi on X.
The agreement reduces prices on products such as whiskey, advanced manufacturing parts and food products such as lamb, salmon, chocolates and cookies. He also accepts quotas on both sides for automotive imports.
The two countries are also looking for bilateral agreements with the United States to eliminate some of Trump’s prices that have changed the global trade system, and the troubles that result in a concentration has weakened in London and New Delhi on the need to win a British trade agreement in India.
“We are now in a new era for trade and the economy. It means going further and faster to strengthen the UK’s economy,” said British Prime Minister Keir Starmer.
“The strengthening of our alliances and the reduction of commercial barriers with savings around the world is part of our change plan to offer a stronger and safer economy here at home.”
The pact marks India opening its long-standing markets, including cars, giving an early example to the likely approach to the South Asian nation to treat the major Western powers such as the United States and the European Union.
Interviews on a free trade agreement between India and Great Britain were initially launched in January 2022 and became a symbol of British hopes for its independent trade policy after leaving the European Union.
But the negotiations were arrested, Great Britain having four different ministers since that launch date and the elections in the two countries last year.
