Figures suggest the UK’s trade deal with India will deliver £190 million for Scotland.
The Scotland Office said the deal is great news for Scotch producers, with Indian import tariffs on whisky to fall from 150% to 75% immediately, dropping to 40% within 10 years.
Soft drink will also benefit from tariff cuts gradually from 33% to 0%.
Nearly 500 Scottish businesses benefit
The Prime Minister met his counterpart Narendra Modi on 24 July for the trade deal signing as Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal put pen to paper on the landmark agreement.
India is an important market for Scotland, with 457 Scottish businesses exporting a total of £610 million in goods there last year. This could grow even more thanks to lower tariffs, fewer barriers to trade, and easier customs.
What ministers said
Scottish Secretary Ian Murray said: “This is great news for Scotland and Scottish jobs. Our trade deal with India is fantastic news for Brand Scotland, with our goods, businesses and services gaining access to what is projected to be the world’s third-largest economy by 2027.”
Business and Trade Secretary Jonathan Reynolds said: “The millions brought to Scotland each year from the deal we’ve signed with India today will be keenly felt across local communities, whether that’s higher wages for workers, more choice for shoppers, or increased overseas sales for businesses.
“The UK Government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.”
What the deal means for Scottish workers
Workers in Scotland will enjoy an uplift in pay as UK wages grow by £2.2 billion each year and could also see cheaper prices and more choice on clothes, shoes, and food products.
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.
For businesses in Scotland this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods.
