A historic new trade deal with India is set to deliver £50 million for the Northern Ireland economy.
The deal will be signed by Prime Minister Keir Starmer and Indian Prime Minister Narendra Modi on Thursday morning, along with UK Trade Secretary Jonathan Reynolds and Indian Commerce Minister Piyush Goyal.
Businesses in Northern Ireland exported a total of £65 million in goods to India last year, a number which the government says “could grow even more thanks to lower tariffs, fewer barriers to trade, and easier customs.”
The advanced manufacturing and engineering industry, which represents around 30% of employment here, will benefit from the removal or reduction of tariffs.
Duties on Irish whiskey are set to fall from 150% to 75%, with a further drop to 40% expected in the next ten years.
This is a landmark deal that will bring real benefits for businesses and workers in Northern Ireland.
Northern Ireland’s advanced manufacturing, engineering, and medical technology sectors will see tariffs eliminated or significantly reduced, while Irish whiskey producers will benefit from substantial cuts in duties allowing for increased trade with India.
This agreement will help further unlock the huge potential for growth across Northern Ireland, including its thriving services and technology sectors.
– Hilary Benn MP, Northern Ireland Secretary
The government also says that workers will “enjoy an uplift in pay as UK wages grow by a total £2.2 billion each year, and could also see cheaper prices and more choice on clothes, shoes, and food products.”
“India’s trade weighted average tariff will drop from 15% to 3% which means Northern Ireland companies selling products to India from whiskey, and soft drinks to cosmetics and medical devices will find it easier to sell to the Indian market.”
