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Prime Minister Narendra Modi invited the British PM stormer to come to India.
In the presence of PM Narendra Modi and British Prime Minister Kir Stmper, there was a free trade agreement (FTA) between the two countries on Thursday. There was a 3-year conversation between India-Britain about this.
After the agreement, the leaders held a joint press conference. During this time, a light-hearted funny incident took place. Actually, when the two leaders were addressing the press and got stuck while translating the translator stormers in Hindi.
Seeing their problems, PM Modi immediately said- Never mind … You can use English words in between. Don’t worry
The translator then thanked him and apologized. Both leaders smiled on this. PM Modi said, “Yes … no problem,” while the stormer laughed and said- I think we understand each other well.
British PM invited to come to India
Modi told the British PM that people of Indian origin living in the UK act as a living bridge in our relations. Modi invited the stormer to come to India.
Along with this, he told the British PM that strict action should be taken against those who misuse democratic freedom to weaken democracy.
Modi said that it is necessary to hold those who try to harm democracy in the name of independence.
India’s 99% exports will get relief in tariffs
This agreement will provide relief in tariffs i.e. import duty on 99% exports to Britain from India. This means that the tax on the goods that will be sent from India to Britain will either be reduced or completely eliminated.
At the same time, this agreement will also be beneficial for Britain companies. Now they will be more ease of selling whiskey, cars and other products in India than before.
India will reduce the tariff on these products to 15% to 3%. The agreement can increase trade between the two countries up to about 3 lakh crore rupees every year.
Doubling of business in 5 years purpose
FTA means Free Trade Agreement, which is called ‘Free Trade Agreement’ in Hindi. This is an agreement between two or more countries, so that they can easily trade goods and services among themselves and impose less tax (duty) on it or do not impose tax at all.
This benefits the companies of both countries, because their goods become cheaper by which people shop more.
These goods can be cheaper by the agreement between the two countries-
- Cars: Britain’s luxury cars such as Jaguar Land Rover can now be available at a low price.
- Scotch whiskey and wine: The tariff on alcohol and wine coming from England will be reduced, which will make it cheaper than before.
- Fashion and Clothes: Branded clothes, fashion products and homeware coming from Britain can also be cheap.
- Furniture and Electrical goods: Furniture, electronics and industrial machinery coming from Britain can now be found at low prices.
- Jewelery and Gems: India’s gems and jewelery will sell cheap in Britain, which can make products cheap for Indian customers in Britain.
Domestic liquor companies will get competition
Due to this agreement, the whiskey coming from the UK will be available in India at a lower price, which is the largest whiskey market in the world. However, after this deal, domestic liquor companies will get competition, which are moving rapidly in the premium alcohol market.
Mark Kent, CEO of the Scotch Whiskey Association, described the deal as ‘transformational’ and said, “The UK-India Free Trade Agreement is a one-time deal in a generation and a historic moment for Scotch whiskey market in the world’s largest whiskey market.”
What will India benefit from free trade deal?
This deal will boost Indian exports and jobs will also be created. India had a merchandise export of a value of $ 12.9 billion in FY 24, or Rs 1.12 lakh crore, to the UK. The deal will help India achieve the 1 trillion export target by 2030. Access to the developed market will also increase.
The conversation between India and the UK started on 13 January 2022, which has now been completed after about 3.5 years. On February 24, Commerce and Industry Minister Piyush Goyal and UK business and trade secretary Jonathan Rrenalds announced to resume the proposed FTA between the two countries.
Since 2014, India has signed 3 such free trade agreement with Mauritius, UAE, Australia and EFTA (European Free Trade Association). India is actively negotiating on similar agreements with the European Union (EU).
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