Indian exporters to the UK will benefit from lower levies on 99% of products and services.The deal saw India opening up some of its most protected sectors — cars for instance — and sets a precedent for other trade pacts under discussion, including with the European Union and the US. Such bilateral agreements also provide a cushion against the tariffs pain inflicted by US President Donald Trump.The trade pact might kick in after a year, DBS Bank Ltd. Economist Radhika Rao wrote in a May 7 note. In 2022, India imported over £200 million ($266 million) worth of whiskey from the UK, paying duty at the rate of 150%.Diageo, which makes Johnnie Walker whiskey and Tanqueray gin, may gain from this. That is expected to ease international payments for tourists, students, businesses and investors.

Source: The Times May 08, 2025 10:30 UTC