The UK’s trade deal with India will deliver an £80 million boost to Wales, the UK Government says.
A total of 256 Welsh businesses exported goods worth £226 million to India last year and this could grow thanks to lower tariffs, fewer barriers to trade and easier customs, the UK Government added.
Welsh lamb will be able to enter the Indian market duty free from day one, eliminating a tariff of 33%. Wales' clean energy sector will benefit from lower tariffs and “unprecedented access” to India’s public procurement market, whilst the creative sector in Wales will benefit from increased copyright protections.
Secretary of State for Wales Jo Stevens said:
“This is a landmark deal that is set to boost Wales’s economy by £80 million annually.
“Key industries in Wales, such as the renewable energy sector, the creative industries and food and drink producers will see immediate benefits. On many goods tariffs will be reduced or eliminated. And Welsh businesses will also benefit from access to India’s huge procurement market with increased protections so they can confidently export goods and services.
“This agreement further unlocks the immense potential for growth across Wales’s key industries.”
Business and Trade Secretary Jonathan Reynolds said:
“The millions brought to Wales each year from the deal we’ve signed with India will be keenly felt across local communities, whether that’s higher wages for workers, more choice for shoppers, or increased overseas sales for businesses.”
Stephen Davies, Chief Executive of Penderyn Distillery, said:
“We are developing our business and brand awareness in both domestic and travel retail sectors in India. It's an exciting and developing market for us.
“The agreement to reduce tariffs will provide a better platform for us and our industry to develop links and build business over the next five years. These are exciting times.”
