Milestone trade deal\u00a0with India to come into effect next month, marking quickest ever turnaround following signature
\n Businesses encouraged to prepare for entry-into-force to feel the benefits of massive tariff cuts
\n UK agreement will be the most comprehensive trade deal India has ever brought into force<\/p>\n
The UK and India have today (Wednesday 17th\u00a0June) announced their landmark trade deal will enter into force next month so working people and businesses can benefit.<\/p>\n
Businesses, who now have 28 days to prepare for the entry-into-force, will be able to trade under its terms from July 15th, following strenuous efforts to prepare UK and Indian systems.\u00a0<\/p>\n
The deal, which is the most comprehensive ever agreed by India, will boost UK GDP by \u00a34.8bn, real wages by \u00a32.2bn and bilateral trade by \u00a325.5bn every year in the long run.<\/p>\n
Industries across the United Kingdom will benefit, with whisky tariffs cut from 150% to 40%, automotives from 100% to 10% under a quota and cosmetics will see tariffs of up to 22% eliminated either from day one or after 10 years.<\/p>\n
Business\u00a0and Trade Secretary Peter Kyle said:\u00a0<\/p>\n
\u201cWe are bringing our landmark trade deal with India into force as quickly as we can, because\u00a0we want businesses and the public to feel the benefits immediately, including cuts to tariffs of\u00a0\u00a3400m within the first year alone.\u00a0<\/p>\n
\u201cThe deal gives British exporters an edge over international\u00a0competitors, and I would encourage all businesses to ensure they are properly prepared to allow them to sell to India\u2019s huge market in the years to come.<\/p>\n
\u201cThis week\u00a0our UK-India Roadshow will begin travelling across all four nations to promote the incredible new opportunities this deal offers.\u201d<\/p>\n
India\u00a0has never implemented a deal of this size, meaning the UK will have an immediate competitive advantage over other markets.<\/p>\n
The UK will\u00a0cut tariffs on Indian goods coming into the country such as clothes, footwear, and some food products. Less cost for British businesses importing Indian products could mean cheaper prices and more choice for consumers across the country.<\/p>\n
We have extended the benefit for UK nationals moving to India to work and continue to build entitlement to a UK State Pension from 36 months to 60 months. They will continue to pay National Insurance Contributions during that period, without also having to pay social security contributions in India.<\/p>\n
This is reciprocal for both British and Indian professionals and\u00a0will be applicable to highly skilled professionals\u00a0on pre-existing visa routes. This is in line with our arrangements with other countries such as Korea,\u00a0Japan, and Canada.<\/p>\n
This will be\u00a0achieved through the UK-India Double Contributions Convention Agreement, which will enter into force at the same time as the UK-India FTA.<\/p>\n
To benefit from the tariff reductions, businesses must register with HMRC. We would now encourage businesses to use the next 28 days to register and ensure they\u00a0are fully prepared to reap the benefits of this deal.<\/p>\n
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