UK-India trade deal offers ‘substantial opportunities’

A new UK-India trade deal promises to unlock substantial opportunities for Humberside firms, a business organisation has said.

Hull & Humber Chamber of Commerce says the “landmark” agreement holds great potential.

The deal proposes simplifying the export process for UK goods such as whisky, cars, foodstuffs and jewellery and gems, and is expected to boost trade by £25.5 billion annually by 2040. 

In exchange, the UK will reduce taxes on India’s clothing, footwear, cosmetics and food exports. 

Dr Ian Kelly, chief executive of Hull & Humber Chamber of Commerce, said: “In a rapidly changing world, we welcome this major trade deal.

“The export opportunities for goods and services are substantial, and the removal of tariffs highlights an important way forward in a geopolitically shifting world.”

William Bain, head of trade policy at the British Chambers of Commerce, added:  “A free trade agreement between the UK and India is a huge boost to our economies and a welcome lift for our exporters. 

“Both governments should be congratulated for their strong engagement with business and hard work throughout long, but ultimately successful, negotiations.

“Alongside our strengths in services trade, particularly in business, travel and transport services, this agreement can offer real hope that our bilateral trade will grow strongly.”

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