The Morning Brief The UK-India Trade Fixit
May 9, 2025
Pallavi Joshi Bakhru, a Partner and UK Corridor Leader at Grant Thornton Bharat, joins the discussion on the ambitious UK-India trade agreement. She unpacks the potential economic benefits, including up to £900 million in tariff savings for UK exporters and improved access for Indian workers through a Social Security Agreement. They also discuss challenges like data protection and worker mobility. With insights on whether this deal can set a precedent for future agreements, particularly with the US, the conversation is a deep dive into a pivotal trade moment.
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Significance of India-UK Trade Deal
- The India-UK trade deal is the UK's biggest bilateral post-Brexit pact, aiming to boost GDP by £4.8 billion.
- It will increase bilateral trade by £25.5 billion, benefiting sectors like automotives and whisky through tariff cuts.
Delays and Motivations Behind Deal
- Multiple factors delayed the India-UK trade deal, including Brexit, political changes, and complex issues like IP rights and tariffs.
- Impending US tariffs motivated both countries to finalize this important agreement.
Key UK Benefits from Deal
- The UK benefits mainly from tariff reductions on key exports like Scotch whiskey and better access to Indian skilled workers.
- The deal also aims to reduce UK reliance on the EU and China supply chains.