The SMMT industry group has hosted the agreement, but said the details “will likely include compromises and will not offer unhindered market access to all British automobile products”.
The other Indian prices cut under the FTA include those on imported British cosmetics, aerospace, lamb, medical devices, salmon, electric machines, carbonated drinks, chocolate and cookies. The United Kingdom has in turn reduced prices on clothing, shoes and certain food products – including the government would like to note, frozen shrimp.
On the other hand, prices remain in areas such as dairy products and ground rice where the two parties wanted to protect the national competition industries.
With the other changes in the agreement, the government expects a sharp increase of 59.4% of British exports to India – worth 15.7 billion pounds sterling. This is equaled by a lower increase of 25% of Indian exports to Great Britain, worth 9.8 billion pounds sterling.
All this increases to an increase of 38.8% of trade worth 25.5 billion pounds sterling – or 0.1% of GDP by 2040. The number is tiny compared to the much greater blows by leaving the single EU market, but seems a little more impressive compared to 0.08% of expected profit, for example, the FTA the last government signed with Australia.
India marks concessions on social security payments
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