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

Britain's Prime Minister Keir Starmer and Indian Prime Minister Narendra Modi have sealed a major trade agreement that will reduce tariffs on products like Scotch whisky and Indian spices. This is a photo gallery curated by AP photo editors.

The U.S. and China have reached an agreement — again — to deescalate trade tensions. China is making it easier for U.S. companies crucial magnets and rare earths materials.

India's trade deal with Britain is a sign of New Delhi's new gradual shift to opening up its markets while shielding crucial sectors from competition and could be its template for future agreements, government officials and analysts said on Friday.

Taoiseach Micheál Martin has said he hopes a framework trade agreement between the European Union and the United States can be "signed off before the weekend is over".

Indian Prime Minister Narendra Modi arrived in London on Wednesday evening ahead of meetings with UK Prime Minister Keir Starmer.

This agreement will especially benefit Indian youth, farmers, fishermen and MSME sector, said Prime Minister Narendra Modi

India was unable to secure an exemption from the UK’s carbon tax in the free trade agreement, signed on Thursday, a move that will impact India’s carbon-intensive exports to Britain, think tank GTRI said on Friday.