The deal still needs to be ratified by both countries’ parliaments, but the UK’s Department for Business and Trade called it “the biggest and most economically significant bilateral trade deal the UK has done since leaving the EU”.
The department said India has the highest growth rate in the G20; it’s expected to stay above 6% a year over the next 5 years.
At the same time, India has the highest average tariffs of any G20 economy, with some products facing duties above 100%.
The agreement will allow tariff-free entry into India of a range of UK exports including advanced manufacturing such as machinery.
Fast growth and urbanisation
Last month, an Indian market analysis predicted that the Indian construction machinery market would double in size to $14.3bn in the next five years, driven by fast growth and urbanisation.
“India is a great country in which to do business,” said JCB chief executive Graeme Macdonald.
“JCB has been manufacturing machines there since 1979. So, we know India very well and the opportunity for British businesses in that huge market is significant.
“It’s the fifth largest economy in the world and is tipped to become the third largest by 2028. This Free Trade Agreement should give British businesses the confidence they need to enter the market, trade more easily and benefit from the massive opportunity.”
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India’s equipment market to ‘double in next five years’JCB hails UK-India trade deal as ‘massive opportunity’ Global Construction Review.
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