Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

Northern Ireland's economy could benefit from a £50m boost following the signing of the UK's trade deal with India, according to new analysis published recently.

Prime Minister Sir Keir Starmer met his counterpart Narendra Modi yesterday (Thursday) 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.

A series of investment and export wins have also been confirmed by UK and Indian businesses, representing an overall boost of nearly £6bn and potentially creating more than 2,200 jobs.

India is a growing market for Northern Ireland businesses, 143 of which exported a total of £65m in goods there last year. This could grow thanks to lower tariffs, fewer barriers to trade, and easier customs.

Advanced manufacturing and engineering - which represent approximately 30% of employment in Northern Ireland - are expected to benefit from removal or reduction of tariffs.

Northern Ireland's medical technology sector is also set to benefit from tariffs on a range of medical devices, between 8.25% to 13.75% being eliminated or halved within 10 years.

Duties on Irish whiskey will immediately fall from 150% to 75%, dropping further to 40% over 10 years. Producers will also be able to use Irish barley or neutral grain spirit and bottle products in transit to India, maximising capability to capitalise on tariff reductions.

Secretary of state for Northern Ireland Hilary Benn said: "This is a landmark deal that will bring real benefits for businesses and workers in Northern Ireland.

"Northern Ireland's advanced manufacturing, engineering, and medical technology sectors will see tariffs eliminated or significantly reduced, while Irish whiskey producers will benefit from substantial cuts in duties allowing for increased trade with India.

"This agreement will help further unlock the huge potential for growth across Northern Ireland, including its thriving services and technology sectors."

Philip McKee, sales manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said: "Biopanda has been supplying a range of diagnostic products to the Indian market throughout the past 10 years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.

"This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer."