PANews reported on July 24 that according to Bloomberg, the UK and India have officially signed a free trade agreement, eliminating tariffs on a number of products including cars and alcohol. The agreement was reached after three years of negotiations. It is the largest trade agreement since the UK's withdrawal from the EU and the most important trade agreement for India in a decade. According to the agreement, 90% of tariff items exported by the UK to India will be reduced, of which 85% will be completely duty-free within ten years; 99% of tariff items exported by India to the UK will also be reduced. The agreement is expected to increase the output of the UK economy by 4.8 billion pounds per year and bring long-term trade growth to the two countries.