India-UK FTA will reduce rates on automatic imports on both sides from about 5 percent to 5 percent under the quota on both sides and will benefit from companies like Jaguar Land Rover (JLR).
“We welcome this free trade agreement between the UK and India, which will eventually allow the JLR’s luxury vehicles to enter the Indian car market at a lower rate,” a company spokesman said in a statement.
India is an important market for the company’s British-manufactured products and represents future growth opportunities, a spokesman said.
In a separate query, a UK spokesman said: “No decision has been taken on prices.”
Rang Rover Portfolio – Rang Rover, Range Rover Sport, Waler and Ivok, with popular models in the range of JLR, are sold locally in India by CKD (completely knocked), which is locally produced by the CKD. The defender produced in Slovakia exits this FTA scope and does not affect it. Only the limited number of high-value SV models are currently exported from the UM to India and therefore the spokesperson said in the scope of FTA.
JLR Chief Professional Officer Lenard Hornek had earlier said that this agreement would help to eliminate the obstacles in business and to increase its attention on the Indian market.
JLR is owned by Tata Motors, Mumbai-headquarters.
The fifth and sixth economies in the world concluded the trade agreement after a three-year on-off negotiation.
In the British market, the agreement allowed Indian workers to live in the UK without changing the system of Point-based permanently in the Britain.
The discussion of this agreement began in January 2022. Both sides spoke 14th for the end of the discussion.
In the FTA, countries either eliminate or reduce custom duties on maximum objects between them. They also reduce the criteria for promoting service and bilateral investment trade.
India’s exports increased to $ 8.5.5 billion to $ 8.5 billion, while imports increased by 8.3 percent to $ 6.6 billion.
Bilateral trade between India and the UK in 2023-24 has increased to $ 21.34 billion.
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