New Delhi, May 8 -- India and the United Kingdom FTA is seen as a part of a new global trade strategy that aims to reduce dependence on China, manage trade challenges from US tariffs, and help the UK reshape its economy after Brexit, according to a report by SBI Research.

The report also added that the multi-billion-pound deal will reduce tariffs on 90 per cent of traded goods, helping businesses on both sides.

It said, "FTA signal a new global trade strategy, bypassing China's dependence, navigating US tariffs and reshaping post BREXIT Britain."

The deal is also expected to increase bilateral trade between India and the UK by £25.5 billion in the long run. It will also raise the UK's GDP by £4.8 billion and push up wages by ...