The UK and India have announced the conclusion of negotiations on a trade deal that will see significant reductions in tariffs on many goods moving between the two countries.
It comes after three years of talks and is expected to increase bilateral trade by £25.5 billion by 2040, as well as ensure closer links between the nations. Indian prime minister Narendra Modi described it as an “historic milestone” that will boost innovation, investment and job creation.
His UK counterpart Keir Starmer added: "Strengthening our alliances and reducing trade barriers with economies around the world is part of our Plan for Change to deliver a stronger and more secure economy here at home."
Under the terms of the deal, India will reduce duties on 90 percent of products, while 99 percent of Indian imports to the UK are expected to be tariff-free.
Key Indian sectors set to benefit include textiles, marine products, leather, footwear, sports goods, toys, gems and jewellery, engineering goods, automotive components and organic chemicals.
Meanwhile, import tariffs on Scotch whisky and English gin to India are set to immediately fall from 150 percent to 75 percent, before dropping further to 40 percent over the next ten years.
UK automotive imports will also see tariffs reduced gradually from over 100 percent to ten percent.
Other UK goods that will enjoy reduced tariffs include cosmetics, aerospace products, lamb, medical devices, salmon, electrical machinery, soft drinks, chocolate and biscuits.
The UK government described the FTA as the "biggest and most economically significant bilateral trade deal" concluded by the country since leaving the EU. Indian commerce secretary Sunil Barthwal also added it is the most comprehensive FTA India has ever signed and a "benchmark for future trade partnerships".