May 6 (UPI) — Britain and India announced a trade agreement Tuesday following three years of negotiations.

The british government said it had “secured the best deal [to which] India has ever agreed,” and will provide “businesses with security and confidence to trade with the fastest-growing economy in the G20.”

“Today Britain has agreed [to] a landmark trade deal with India,” British Prime Minister Keir Starmer posted to X Tuesday. “Fantastic news for British business, British workers, and British shoppers, delivering on our plan for change.”

Indian Prime Minister Narendra Modi also shared on social media Tuesday that he was “delighted” to speak with Starmer on the deal.

“In a historic milestone, India and the U.K. have successfully concluded an ambitious and mutually beneficial free trade agreement, along with a Double Contribution Convention,” Modi said.

“These landmark agreements will further deepen our comprehensive strategic partnership, and catalyze trade, investment, growth, job creation, and innovation in both our economies.”

The agreement was locked in by a final hard-pressed effort by trade officials last week. A pact had become an urgent economic concern for both nations after the Trump administration levied tariffs on countries around the world in April.

The deal, known as the Double Contribution Convention, or DCC, is a lucrative one for Britian, the most valuable since it left the European Union as the British government expects the agreement will up Britian’s GDP by more than $6.4 billion by 2040.

It may take more than a year, but once in effect, the British Department for Business says consumers can expect tariffs on goods from India to decrease, on products like food, jewelry, clothing and footwear. The forecast also emphasized how expansion of exports to India will lead to British job creation and economic improvement.

Britain also expects tariffs in its whisky, gin, technologies, cosmetics and food will drop to 75%. Further reductions will then take effect in later years.

The DCC also includes a three-year exemption on the social security paid by Indian employees who work in Britian on short-term visas and will guarantee that social security contributions are not made in more than one country. India, which is expected to become the world’s third-largest economy in the near future, has a target of export expansion growth of $1 trillion by 2030.

“Our landmark agreement with India is the largest ever trade deal secured by the U.K.,” said British Business Secretary Jonathan Reynolds in a social media post Tuesday, “This deal will help deliver our plan for change, putting more money in working people’s pockets, boosting our economy and bolstering British business.”

The British Labour Party took to social media Tuesday to announce that “We are going further and faster to strengthen the U.K.’s economy and put more money in working people’s pockets.”