As part of the parliamentary process, the UK’s House of Lords International Agreements Committee has opened an inquiry this week into the impacts and implications of the UK-India Free Trade Agreement (FTA), which was concluded during Prime Minister Narendra Modi’s visit to Britain on July 25 this year.
Seeking evidence from experts and stakeholders, the panel will weigh in the potential benefits and risks of the FTA for the UK; how the agreement will affect sectors across the whole of the country; its impact on consumers in the UK; and the broader economic, social, and environmental impacts of the agreement before it comes into effect.
“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 with the full knowledge that they will have value and are welcome,” said Lord Peter Goldsmith, chair of the International Agreements 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.
Also Read: India, UK sign landmark FTA to boost $34 billion trade
The cross-party panel, which includes British Indian Conservative peer Baroness Sandy Verma, will hear evidence in the backdrop of UK Prime Minister Keir Starmer’s first visit to India as UK PM next month when he is set to join Prime Minister Modi at the Global Fintech Fest (GFF) scheduled for October 7-9.
The deadline for public submissions has been set as 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 including the implications for the UK-India relationship and the wide geopolitical context of the agreement.
The Comprehensive Economic and Trade Agreement (CETA) signed between India and the UK is aimed at doubling the bilateral trade between the two countries to USD 120 billion by 2030, as pitched by the Starmer-led government, which also said it hoped the FTA will increase trade by 25.5 billion pounds and UK GDP by 4.8 billion pounds annually in the long run.
Follow us
