Mumbai, May 7 -- India and the UK have finalized a free trade deal along with a double contribution convention with Prime Minister Narendra Modi noting that the agreement will catalyse trade, investment, growth and job creation in both the economies. According to the terms of the deal, 99% Indian exports to benefit from zero duty in U.K. market. Indian import duty will be slashed, locking in reductions on 90% of tariff lines, 85% of these becoming fully tariff-free within a decade.

Further, India reducing tariff for: whisky, medical devices, advanced machinery, and lamb, making UK exports more competitive. Goods with reduced import duties for Indian consumers: cosmetics, aerospace, lamb, medical devices, salmon, electrical machinery, sof...