July 24 (UPI) -- Britain and India agreed to a free trade agreement between their two nations Thursday.

Under the India-UK trade deal, the UK’s exports to India will be subject to approximately 90% of reduced tariff lines, with 85% becoming entirely free of tariffs. For India’s export to the UK, the trade product will be subjected to around 99% of duty cuts on tariff lines.

The UK and India have signed a significant free trade agreement aiming to boost collaboration and investment, particularly in the energy sector. The agreement will eliminate tariffs on a wide range of goods and facilitate market access,