India-UK FTA, July 24 -- India and the United Kingdom on Thursday, 24 July, signed a landmark Free Trade Agreement (FTA), which aims to benefit both nations and increase bilateral trade.

As both nations sign the trade agreement, it is essential to know what will become cheaper for India and the United Kingdom as a result of the FTA. Items such as the world-famous Scotch Whisky, British-made cars, cosmetics, and medical devices are among many other products that will become cheaper in India as the nations decide to lower the tariff rates.

The FTA will cut tariffs on most products traded between India and the United Kingdom. The deal also specifies that the average tariff on UK products will drop to 3 per cent, compared to their current 1...