The UK and India struck a historic trade agreement to boost exports, reduce tariffs, and gain access to key markets.

A historic free trade agreement between the UK and India would boost exports, lower prices, and open up one of the fastest-growing markets in the world. According to the UK government, the deal is expected to boost bilateral trade by US$34bn, raise the nation’s GDP by US$6.4bn annually, and lift wages US$2.9bn each year.

With the agreement, UK companies will have a competitive advantage in a nation that is expected to become to the third-largest economy in the world in the next three years. The government claims that this agreement would accomplish its primary goal of encouraging economic growth that improves living conditions and puts money in people's pockets.

The deal instantly reduces tariffs on important British exports, including lamb, gin, medical equipment, technology, and cosmetics. In addition to the advantages of digital trade agreements and expedited customs processes, tariff reductions alone will save UK exporters £900 million over the next 10 years and £400 million in the first year.

Customers will benefit from easier access to Indian cuisine and products, as well as stronger restrictions that will shield them from spam marketing. Chivas Brothers Ltd., a British company that sells more than two billion dollars' worth of gin and whisky a year, is one of the companies that would profit. By volume, India is its biggest export destination.