Prime Minister Modi met with King Charles shortly after finalising the details of the FTA trade deal at the Sandringham Estate in the United Kingdom on Thursday. The meeting marked a significant diplomatic moment, indicating the strengthening of bilateral ties between the two nations.
The Royal Family tweeted:
"This afternoon, the King received the Prime Minister of the Republic of India, Narendra Modi, at Sandringham House. During their time together, His Majesty was given a tree to be planted this autumn, inspired by the environmental initiative launched by the Prime Minister, 'Ek Ped Maa Ke Naam', which encourages people to plant a tree in tribute to their mothers."
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The agreement will ensure that 99% of Indian exports receive duty-free access to British markets. Broadly, UK exports to India will see tariffs reduced from 15% to 3%, meaning cheaper goods for Indian consumers.
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India has also positioned its agriculture industry to benefit from this agreement. India's agricultural exports stand at $36.63 billion, while the UK’s total agricultural imports are $37.52 billion. However, Indian exports to the UK in this sector are only $811 million. With this deal, the British market becomes a promising opportunity for Indian products such as tea, mangoes, grapes, spices, and seafood items.
Beyond these changes, the deal will also reduce import duties on UK-produced whisky and gin - from 150% to 75% initially, with a further decrease to 40% within the next decade. Tariffs on automobiles will also be lowered from 100% to 10%, though this will be subject to quota restrictions.
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