New figures show trade deal with India will deliver £80 million for Wales's economy as part of the Plan for Change
- Welsh food and drink, renewable energy and creative sectors set to benefit following a reduction or elimination of tariffs
- Comes as Prime Minister and Trade Secretary welcome Prime Minister Modi and Commerce Minister to UK for signing of most comprehensive deal India has ever agreed
Businesses and workers in Wales are set to benefit from the UK's trade deal with India, as new analysis shows the landmark agreement will deliver a £80m boost to the local economy as part of the Plan for Change.
This is great news for farmers with Welsh lamb able to enter the Indian market duty free from day one, eliminating a tariff of 33%. 256 Welsh businesses exported goods worth £226 million to India last year - this could grow even more thanks to lower tariffs, fewer barriers to trade and easier customs.
Aligned with the UK's recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. A thriving clean energy sector in Wales employing over 15,000 people and generating around £3.3 billion in revenue will benefit from lower tariffs and unprecedented access to India's public procurement market. And the creative sector in Wales will benefit from increased copyright protections.
The Prime Minister will meet his counterpart Narendra Modi this morning for the trade deal signing as Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal put pen to paper on the landmark agreement.
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 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.
This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.
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.
Workers in Wales will enjoy an uplift in pay as UK wages grow by £2.2 billion each year, and could also see cheaper prices and more choice on clothes, shoes, and food products. The UK already imports £11 billion in goods from India but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products.
