The UK and India have signed a trade agreement to reduce tariffs and boost exports. UK goods like whisky, gin, cars, food products, and medical devices will face lower duties in India, while Indian exports of clothing, footwear, jewellery, and seafood will become cheaper in the UK, according to BBC.

The deal, expected to take effect within a year, aims to increase bilateral trade by £25.5bn annually by 2040. Tariffs on UK whisky will drop from 150 percent to 75 percent, with further cuts to follow.

It also contains bilateral exemptions from double social security contributions for personnel temporarily transferred between the two nations.

Officials hailed the pact as a significant boost to commerce and jobs, while some UK politicians expressed worries about its tax implications, BBC reported.