Benefits of the UK-India free trade agreement
The UK has signed a Free Trade Agreement (FTA) with India which will make exporting to India cheaper, faster and more secure for UK businesses.
The UK-India Free Trade Agreement will eliminate or significantly reduce tariffs on the vast majority of goods traded between the UK and India, helping to lower costs and improve competitiveness for businesses in both markets.
For Northern Ireland, the agreement is expected to strengthen trading ties with one of the world's fastest-growing economies, creating opportunities across a range of sectors.
By opening up new export markets and making it easier to do business with India, the deal could deliver an estimated £50 million annual boost to the Northern Ireland economy.
Advanced manufacturing and engineering account for around 30% of employment in Northern Ireland and are well placed to benefit from India's reduction or elimination of tariffs on a wide range of industrial goods.
Key sectors such as aerospace, medical technologies and electronics are expected to benefit from improved access to the Indian market, creating new export opportunities for Northern Ireland businesses.
Northern Ireland's medical technology sector is among those set to gain. Under the agreement, tariffs on a range of medical devices - currently between 8.25% and 13.75% - will either be eliminated immediately or reduced over ten years, helping local businesses become more competitive in one of the world's fastest-growing economies.