The UK and India have officially signed a long-awaited trade deal, bringing in almost £6 billion in new investment and set to create over 2,200 British jobs across the country. New analysis suggests the deal will increase UK GDP by £4.8 billion each year.
The UK already imports £11 billion in goods from India, but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products. India’s average tariff on UK products will now drop from 15% to 3%.
For life sciences, tariffs on medical devices have been abolished, creating new routes for UK firms into India’s vast and rapidly growing market. Some products previously faced import duties as high as 13.75%. New measures to provide flexibility and support for exporters on labelling requirements should make it easier for companies to manage their supply chains.
Alongside clearer and simpler customs procedures, this should make it even easier for UK medical businesses to export with confidence and tap into the rapidly expanding Indian market.
According to the Indian Government, the deal incorporates a mutual recognition agreement framework whereby medical devices certified by Central Drugs Standard Control Organisation (CDSCO) or the Indian Certification of Medical Devices (ICMED) can access UK markets more freely.
Prime Ministers Modi and Starmer also signed a renewed Comprehensive and Strategic Partnership, which will see closer collaboration on defence, education, climate, technology and innovation.
