India and the UK on Tuesday confirmed the completion of a “landmark” multi-billion-pound trade deal, which locks in reductions on 90 per cent of tariff lines and is expected to add 4.8 billion pounds annually to the British economy by 2040. Prime Ministers Narendra Modi and Keir Starmer are said to have had a “very warm” phone call to agree the Free Trade Agreement (FTA), which will now go through the process of legal text formalisation to be approved by the British Parliament before it comes into force.

“Today we have agreed a landmark deal with India—one of the fastest growing economies in the world— which will grow the economy and deliver for British people and business,” UK PM Starmer said. The deal was finalised by Commerce and Industry Minister Piyush Goyal during his talks with UK Business and Trade Secretary Jonathan Reynolds in London on Friday. For the UK, the biggest wins being highlighted are Scotch whisky tariffs set to be halved from 150 to 75 per cent and automotive tariffs set to fall from 100 to 10 per cent under a quota.