British Parliament panel scrutinises impacts, implications of India-UK FTA

London, Sep 12 (PTI) A British Parliament panel will scrutinise the impacts and implications of the UK-India Free Trade Agreement (FTA), concluded during Prime Minister Narendra Modi’s visit in July, as it opened an inquiry this week.

The cross-party panel of the House of Lords International Agreements Committee, which includes British Indian Conservative peer Baroness Sandy Verma, is seeking evidence from experts and stakeholders as part of the parliamentary process before the Comprehensive Economic and Trade Agreement (CETA) can come into effect.

With a target to double bilateral trade to USD 120 billion by 2030, the CETA has been pitched by the Prime Minister Keir Starmer led government as a “landmark agreement" that will increase trade by 25.5 billion pounds and UK GDP by 4.8 billion pounds annually in the long run.

“As we undertake a new programme of evidence gathering, covering the terms of the FTA, its potential benefits and disadvantages, and provisions for key UK sectors, among other issues, we encourage anyone with experience or expertise in this area to come forward and share their views,” said Lord Peter Goldsmith, chair of the International Agreements Committee.

It comes as Starmer prepares for his first visit to India as UK prime minister next month, when he is set to join Modi at the Global Fintech Fest (GFF) scheduled for October 7-9.

The House of Lords committee is seeking evidence on a set of specific aspects including: the potential benefits and risks of the FTA for the UK; how the agreement will affect sectors across the whole of the UK; the impact on consumers in the UK; the broader economic, social, and environmental impacts of the agreement; interaction with the UK’s trade and industrial strategies; the implications for the UK-India relationship; and the wider geopolitical context of the agreement.

The deadline for the public call for submissions in writing is October 14, with the committee highlighting that it is keen to hear from a diverse range of individuals and organisations.

In the following stage, a select group of individuals and trade representatives will be invited to give oral evidence on a tailored set of topics before the committee.

The House of Lords International Agreements Committee is tasked with scrutinising all of the country's treaties that are laid before Parliament under the terms of the UK’s Constitutional Reform and Governance Act.

Its inquiries result in the publication of a report to be tabled in Parliament as part of the ratification process.

Jonathan Reynolds, former UK business and trade secretary who signed the deal with Commerce Minister Piyush Goyal, had triggered the parliamentary process earlier this month with a statement in the House of Commons.

“This agreement drops the average Indian tariff on UK products from 15 per cent to 3 per cent, with tariff duties falling by around 400 million pounds from entry into force, rising to 900 million pounds after staging,” Reynolds told MPs.

“This is alongside securing unprecedented preferential access to India’s federal procurement market, locking in guaranteed market access for UK service suppliers, and making trade quicker, cheaper, and easier through improved customs and digital processes,” he added.

Reynolds further said, “And as India grows, so will the opportunities for the UK, giving businesses a competitive edge with the fastest-growing economy in the G20.” Following a Cabinet reshuffle, Peter Kyle will be taking the CETA ratification process further as the new Business and Trade Secretary. PTI AK GSP GSP