India trade deal to boost Welsh economy by £80 million
Welsh lamb is set to enter the Indian market duty-free, eliminating a 33 per cent tariff.
The trade deal aligns with the UK's Industrial and Trade Strategies, supporting key growth sectors.
The Welsh clean energy sector, employing more than 15,000 people, is expected to benefit from lower tariffs.
It will also gain access to India's public procurement market.
The creative sector, too, will enjoy increased copyright protections.
Secretary of state for Wales, Jo Stevens, said: "This is a landmark deal that is set to boost Wales' economy by £80 million annually."
Business and trade secretary Jonathan Reynolds added: "The millions brought to Wales each year from the deal we've signed with India today will be keenly felt across local communities, whether that's higher wages for workers, more choice for shoppers, or increased overseas sales for businesses."
Welsh workers are set to benefit from a £2.2 billion annual UK wage increase, alongside the prospect of lower prices and a greater variety of clothes, shoes and food products.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Schneider Electric to buy remaining stake in India business for $6.4 billion
July 30 (Reuters) - French electrical equipment maker Schneider Electric ( opens new tab said on Wednesday that it has agreed to buy the remaining 35% stake in its Indian joint venture from Temasek for 5.5 billion euros ($6.35 billion). ($1 = 0.8663 euros)
Reuters
an hour ago
- Reuters
Microsoft restores services to Russia-backed Nayara Energy
July 30 (Reuters) - Microsoft (MSFT.O), opens new tab has restored services to Russia-backed refiner Nayara Energy, the Indian company's lawyer told a New Delhi court, days after the U.S. tech giant terminated services due to European Union sanctions. Nayara has been forced to scale back operations at its 400,000-barrel-per-day refinery for lack of sufficient fuel storage and vessel owners' demand to end their contracts after it was hit by the EU's latest sanctions.
Reuters
an hour ago
- Reuters
Trump says India deal not finalised, higher tariffs possible
NEW DELHI, July 29 (Reuters) - U.S. President Donald Trump said a trade deal with India has yet to be finalised and warned of possible higher tariffs ahead of an August 1 deadline to seal an agreement. His comments followed a Reuters report that India was preparing to accept higher tariffs of 20%-25% on its exports to the U.S. in the absence of a trade deal, as it holds off on offering fresh concessions ahead of Friday's deadline. "India has been a good friend, but India has charged basically more tariffs, almost more than any other country," Trump told reporters aboard Air Force One on Tuesday, adding that would come to an end. Asked about the Reuters report, Trump said a trade deal had not been finalised and India could face steeper tariffs. India plans to resume broader trade talks with the U.S. in mid-August when a U.S. delegation is due to visit, hoping to seal a comprehensive bilateral trade agreement by October, Indian officials said. "Talks are progressing well," an official said, adding Trump could issue a tariff order in a "worst-case scenario". The official declined to be identified without authorisation to speak to the media. "But, we assume it would be temporary measure, considering the five rounds of trade talks that have taken place. A deal will soon be worked out,' the official said. Trump also reiterated his claim that he helped broker a ceasefire to a conflict between India and Pakistan earlier this year, saying both sides accepted his request. "That was great," he said describing his friendship with Prime Minister Narendra Modi. India disputes Trump's claims that he brokered the ceasefire. Analysts say Trump's remarks on the India-Pakistan conflict have cast a shadow on trade negotiations. On Monday, Trump said most partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20% on their exports to the United States, well above the broad 10% tariff he imposed in April. His administration will notify some 200 countries soon of their new "world tariff" rate. U.S. Trade Representative Jamieson Greer told CNBC the India talks require more time, noting Trump wants good deals, not fast ones. India has shown "strong interest in opening portions of its market" though its trade policy had long focused on protecting domestic interests, Greer said. Piyush Goyal, India's trade minister, told Reuters last week India was making "fantastic" progress in U.S. trade talks. Indian officials said New Delhi had offered tariff cuts on a wide range of goods and was working to ease non-tariff barriers. However, agriculture and dairy remain 'no-go' areas, with India unwilling to allow U.S. imports of genetically modified soybean or corn, or to open its dairy sector. Total bilateral goods trade reached about $129 billion in 2024, with India posting a surplus of nearly $46 billion. Officials said India was calibrating its strategy amid broader U.S. tariff threats targeting BRICS nations, including India, over issues such as de-dollarisation and Russian oil purchases. "We remain hopeful of securing a deal that gives Indian exporters preferential access compared to our peers," a second Indian government official said, speaking on condition of anonymity.
