Landmark Trade Deal - Business Outrank

Prime Minister Narendra Modi and UK Prime Minister Keir Starmer signed a landmark trade agreement which grants India freer market access to the UK. The complete agreement aims to increase bilateral trade by $35 billion through reduced tariffs and simplified Indian professional mobility. The UK has agreed to eliminate customs duties on 99% of Indian export products including textiles and food items and footwear and gems and engineering goods. The Double Contribution Convention (DCC) under this pact provides Indian workers in the UK with social security contribution exemptions for three years which benefits professionals in finance and technology sectors. British whisky tariffs decrease from 150% to 75% while UK car exports now face only 10% tariffs. The agreement makes UK medical devices and aerospace parts more accessible to Indian consumers. Modi described the agreement as a “plan for shared prosperity” which would deliver advantages to Indian youth and MSMEs and farmers. The UK market will become more accessible for IT services and consultancy and education services among other key sectors. The agreement contains a gender equality chapter which provides support to businesses led by women. The India-UK trade deal establishes a strategic partnership which strengthens defense cooperation and technological collaboration and sustainable development between two major democratic nations.

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