Credit: Hassan Aziz
Huddersfield business owners have welcomed the UK-India trade deal and say it could help boost the local economy.
The trade deal, which was struck earlier this month, came after more than three years of negotiations between the two countries.
Huddersfield is one of the country’s historic centres for textiles, dating back to the 1800s, and the town is also home to a large South Asian community.
Hamza Khan, who owns the Chicken Hut takeaway in Huddersfield town centre, said: “While the agreement promises growth, we need to ensure that our local businesses are equipped to compete and collaborate effectively.
“We will need more workers to hire for our business, and this deal will help us and the locals around.”
“The deal not only boosts business prospects but also straightens our cultural ties,” said Huddersfield community leader Priya Desai.
“The young generation can get into their own business and they can deliver to boost the economy.”
The deal’s goal is to reduce tariffs on a variety range of goods and services, including massive cuts on Indian exports such as textiles, food, and jewellery, which will now face no import duty in the UK.
The UK exports of whisky, gin, cosmetics, medical devices, and aeroplane parts will also see tariff reductions.
This deal is expected to boost this trade by 25.5 billion annually by 2040.
Huddersfield, with its rich textile heritage and growing tech sector, stands to benefit from the deal due to its products being sold at a reduced rate.
Local textile manufacturers may find new opportunities in the Indian market, and tech firms could explore collaborations or expansions.
Indian workers who go to the UK for employment have been offered rest by the trade; they will not be required to pay national insurance.
Indian business firms are looking to invest in UK towns with growth potential, which could contribute to boosting the economy.
India will lower tariffs on 90% of product lines and eliminate duties on 99% of Indian exports to the UK.
When the deal was announced, the Indian Prime Minister, Narendra Modi, stated: “The Trade Deal will deepen the strategic partnership between two nations, this agreement would catalyse trade, investment, growth, job creation, and innovation in both our countries.”