India-UK FTA: India to Lower Duties on Cosmetics
India and the United Kingdom have finalized a Free Trade Agreement (FTA) that will significantly reduce tariffs on various UK exports, including cosmetics, whisky, cars, and medical devices.
Under the agreement, Indian tariffs on cosmetics will be lowered, making UK beauty and skincare products more affordable for Indian consumers. The deal is expected to boost bilateral trade, which is projected to exceed $100 billion by 2030.
The FTA also provides zero-duty access to 99% of Indian exports, benefiting sectors such as textiles, leather, engineering goods, and organic chemicals. Additionally, it includes provisions for more visas for skilled Indian workers and a three-year exemption from social security contributions for Indian professionals working temporarily in the UK.
Industry experts believe this agreement will strengthen economic ties between the two nations and create new opportunities for businesses in both countries.
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