What the UK-India trade deal means for Wales
The UK-India trade deal is worth £6 billion in investment for the British economy and will be signed off on Thursday (July 23).
It's set to deliver an £80 million boost to Wales's as part of the Plan for Change, with Welsh food and drink, renewable energy and creative sectors set to benefit following a reduction or elimination of tariffs.
Secretary of State for Wales Jo Stevens said: '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."
According to the Wales Office, 256 Welsh businesses exported goods worth £226 million to India last year. Among those goods is Welsh lamb, which will be able to enter the Indian market duty free from day one, removing a 33% tariff.
Gareth Parry, Head of Policy at Farmers Union of Wales, said: "It's really important that we do open up these market opportunities in Asia, the Middle East and other countries across the world.
"But we also have to acknowledge how important our nearest trading partners are for the operation of our food system, such as the European Union. We've maintained throughout, ever since the Brexit referendum, that we support maintaining how strong the relationship with our EU partners is, particularly for the trading of Welsh agricultural goods."
'Developing market' for whisky producers
Whisky tariffs will be slashed in half, according to the Government, and will fall further over successive years, while other industries including soft drinks, cars and cosmetics are also expected to see cheaper duties.
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."
For Wales' energy sector, the deal will see lower tariffs and unprecedented access to India's public procurement market.
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.
The creative sector in Wales will also benefit from increased copyright protections.
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