In a landmark moment for India-UK relations, the two countries on Thursday, July 24, signed a historic Free Trade Agreement (FTA), opening the door to expanded bilateral trade and increased investment on both sides. The Free Trade deal will not only make several British imports – cars, liquor, and cosmetics – cheaper in India, but also reduce tariffs on all exports to the country.

The agreement between the world’s fifth and sixth largest economies aims to increase bilateral trade by a further $34 billion by 2040. PM Keir Starmer said the Free Trade deal was Britain’s biggest and most significant trade deal since it left the European Union in 2020.