UK Business and Trade Secretary Jonathan Reynolds and India Commerce Minister Piyush Goyal are poised to sign a free trade agreement today.
The UK government claims the deal will add £6bn in new investment, creating jobs in aerospace, technology and manufacturing, and up to £4.8bn to UK economic output.
The UK already imports £11bn in goods from India, but liberalised tariffs on Indian goods will make it easier and cheaper to buy their products. India’s average tariff on UK products will drop from 15% to 3% and UK businesses will now be able to bid for approximately 40,000 Indian tenders for goods, services and construction projects.
Notably for industrial gases, the deal commits both sides to work together to support development, uptake, and distribution of green technologies in clean energy industries.
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