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The UK and India sign a free trade agreement to promote a new chapter in bilateral economic cooperation.
Recently, the UK and India signed a landmark free trade agreement, marking the achievement of consensus after three years of negotiations. The agreement is seen as the largest trade agreement for the UK since its exit from the EU, and also the most significant trade cooperation for India in a decade.
According to the protocol content, tariffs on multiple products will be eliminated, including automobiles and alcoholic beverages. Specifically, 90% of taxable goods exported from the UK to India will receive tariff reductions, with 85% of those goods achieving full tax exemption within the next ten years. Meanwhile, 99% of taxable goods exported from India to the UK will also benefit from the tariff reduction policy.
The signing of this protocol is expected to add £4.8 billion in output to the UK economy each year and bring long-term trade growth opportunities for both countries. This not only helps to promote bilateral economic cooperation but also opens up new market opportunities for businesses in both countries, driving economic development and job growth.
Overall, the conclusion of this free trade protocol represents an important step forward in economic cooperation between the UK and India, which is expected to bring mutually beneficial results for both sides and have a far-reaching impact on the global economic landscape.