By Admin 
India-uk free trade deal: Today Prime Minister Narendra Modi is on a historic visit to the UK. This evening, there will be a meeting between PM Modi and British Prime Minister Kerr Stmper. It is expected that during this time both will officially sign the free trade agreement of both countries.
An analysis of Moneycontrol has revealed that India’s free trade agreement with Britain will make consumer goods like industrial input and alcohol cheaper for Indian consumers. However, this can cause damage to existing trade flows from the US and Japan.
Impact on $ 1.24 billion exports from America
If the trade deal between India and Britain is confirmed, then India will reduce 85 percent tariff on exports from Britain. This is no less than a challenge for other big exposters of India. In 2024, the US exported $ 39 billion goods to India.
The agreement between India and Britain can stagger an export of $ 1.24 billion from the US to India from the US, which is about 3.2 percent of the total exports to India. American exports such as copper and iron waste and scrap are the highest risk, with a value of $ 70.3 million.
Apart from this, the alarm bell is also hanging on the category like machinery, auto parts, contact lenses and medical devices. Now when Britain will get the benefit of low tax on the products sent to India, the Bation American expoters may have to suffer losses in these sectors.
These countries including Japan also likely to harm
However, not only America, but also Japan’s name is included in this list. According to the data by UN Comtrade, Japan exported $ 19.9 billion goods in India last year.
Japan may face competition in its 2.2 percent exports in India-UK FTA. For India, the European Union’s 1.7 percent export will be directly competing with Britain’s products. The exports of Australia and Canada may also have an impact of 1.6 percent and 1.4 percent respectively.
Also read:
3 years and 14 rounds of talks, such a traded trade deal with sixth economy UK, PM Modi’s visit will be stamped