UK and India officially sign free trade agreement

According to Bloomberg, the UK and India have officially signed a free trade agreement, lifting tariffs on multiple products including cars and alcohol. This agreement was reached after three years of negotiations and is the largest trade deal since Brexit, as well as the most important trade agreement for India in the past decade. According to the agreement, 90% of tariff items exported from the UK to India will be reduced, of which 85% will be completely tax-free within ten years; The 99% tariff on Indian exports to the UK will also be reduced. This agreement is expected to add £ 4.8 billion in annual output to the UK economy and bring long-term trade growth to both countries.