India and the United Kingdom have signed a historic free trade agreement during Prime Minister Narendra Modi's visit to the UK, marking the most significant post-Brexit trade pact for Britain.
The deal eliminates or reduces tariffs on a wide range of goods, including cars, textiles, whisky, chocolates, and cosmetics, making these products cheaper for consumers in both countries. It is expected to boost bilateral trade by up to $34 billion annually, create thousands of jobs, and increase investment flows. The agreement also includes provisions for greater market access, regulatory clarity for sectors like pharmaceuticals, and enhanced cooperation in technology and security.
While the deal is widely celebrated, some domestic industries in both countries have expressed concerns about increased competition and potential market disruptions.
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