In the time when Trump is creating a trade war with every other nation, India and UK came to a historic decision to have free trade between them. Now this is so very important for both of them. With the free trade though there might be some revenue lost with each side but there are high chances that the retailers will be quite happy.
PC: Pixabay.com
For example, people in India would.be quite happy that the price of some of the cars would come down and similarly good cars from India will be sold in UK top, so it's actually a win win situation for both of the countries. India and UK are fifth and sixth largest economy and if both of them does most of the trade then in no time they can climb higher. Every other country trades with other countries and every other country wants to expose as much as possible but if there is a win win situation for both of them then they will do more trade.
And that's why to have a favorable trade between the two countries they came up with this historical decision. So in India things like whisky, gib, automobiles, medical devices, cosmetics gets cheaper on the other hand in UK textiles, toys, leather, jewellery will get cheaper. The talks are going on from last 3 years and at last it was finalized this year, still there is some regulatory things are pending but still its a big step towards the growth of the economy for both India and UK.
Along with that there is also a pact where if a person is working in UK for less than 3 years, he doesn't have to pay soc8al security payment. Only if they are working more than 3 years they have to pay this amount, this will increase the savings of the employees might be around 20% per month.
Posted Using INLEO
