Britain and India have signed a landmark free trade deal that slashes tariffs on key goods and opens up markets, marking the UK’s biggest post-Brexit trade agreement and a new economic era for India.
The United Kingdom and India finalized a major free trade agreement during Indian Prime Minister Narendra Modi’s visit to London, aiming to deepen economic ties and boost trade by £25.5 billion ($34 billion) by 2040.
The deal, concluded after three years of negotiations, reduces tariffs on a wide range of goods including Scotch whisky, cars, textiles, and jewelry.
British Prime Minister Keir Starmer called it “a huge benefit” for both sides, saying it makes trade “cheaper, quicker and easier.”
"We've entered a new global era, and that is one that requires us to step up, not to stand aside... by building deeper partnerships and alliances," Starmer said.
Modi described the agreement as “a blueprint for our shared prosperity.”
They also agreed a partnership covering areas such as defence and climate, and said they would strengthen co-operation on tackling crime.
Tariffs on Scotch whisky will drop from 150% to 75% immediately, falling further to 40% over ten years. Car duties will be cut to 10% within five years, and Indian exports like seafood and jewelry will enjoy better market access. The UK will also open up to Indian electric and hybrid vehicles under a quota system.
According to officials, 99% of Indian exports will face zero tariffs, while the average tariff on UK goods will drop from 15% to 3%.
Although India didn’t secure an exemption from the UK's upcoming Carbon Border Adjustment Mechanism, the agreement paves the way for future investment talks and gives UK firms access to India’s clean energy and insurance markets.
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EU foreign policy chief Kaja Kallas has warned that without concrete concessions from Russia, such as limiting its military forces or curbing its defence budget, new conflicts could erupt elsewhere, even if Ukraine receives security guarantees.
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Turkish President Recep Tayyip Erdoğan reiterated his offer to host Ukraine-Russia peace talks in Ankara, at his meeting with Russian President Vladimir Putin. The talks took place on the sidelines of the international Forum for Peace and Trust in Ashgabat, Turkmenistan, on Friday (12 December).
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
The resignation of Bulgaria's government on Thursday (11 December) puts an end to an increasingly unpopular coalition but is likely to usher in a period of prolonged political instability on the eve of the Black Sea nation's entry into the euro zone.
Thailand’s caretaker Prime Minister Anutin Charnvirakul said on Saturday that Thai forces would continue military action along the Cambodia border until Bangkok believes there is no longer a threat to Thai territory or civilians.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
EU foreign policy chief Kaja Kallas has warned that without concrete concessions from Russia, such as limiting its military forces or curbing its defence budget, new conflicts could erupt elsewhere, even if Ukraine receives security guarantees.
Multiple people were shot on Saturday at Brown University in Providence, Rhode Island, prompting an active shooter alert and a campus lockdown, city officials said.
The latest round of clashes between Thailand and Cambodia has left 15 Thai soldiers dead and 270 others injured, Thailand’s Ministry of Defence spokesman Surasant Kongsiri said at a press conference on Saturday.
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