He also urged firms to make the most of export support on offer to help them trade around the world.

Corin said: “We welcome today’s UK and India trade deal and can see it bringing important benefits to the Coventry and Warwickshire economy, especially around our manufacturing, automotive and education sectors.

“The reduction in tariffs on UK car exports to India and the reduction in costs on import components will boost our local supply chains while our two great universities should see a boost from more flexibility around skilled professionals and collaborations in higher education and research, especially in STEM and innovation.

“On top of that, I would encourage any businesses thinking about trading with India to contact the Chamber for support and advice through our export documentation service and WMCA Export Support Programme.”

William Bain, Head of Trade Policy at the BCC, said: “The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade.

“It will open a new era for our businesses and boost investment between two of the world’s largest economies.

“Key UK sectors which are expected to benefit include food and drink, industrial goods and automotives. Not only will they see lower tariffs now, but there will be further reductions over the next decade, creating stable conditions to expand UK exports to a fast-growing market.

“Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that. 

“A stronger UK-India relationship also creates huge scope to raise our services exports, which already outperform our sales of goods. This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.”