London, Sept 13: A British Parliament panel is examining the UK-India Free Trade Agreement (FTA), which was concluded during Prime Minister Narendra Modi’s visit in July.The House of Lords International Agreements Committee, including 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.
The CETA aims to double bilateral trade to USD 120 billion by 2030 and increase trade by 25.5 billion pounds and UK GDP by 4.8 billion pounds annually in the long run.
The committee is seeking evidence on specific aspects such as the potential benefits and risks of the FTA for the UK, its impact on sectors across 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 public call for submissions in writing is October 14, and 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 laid before Parliament under the terms of the UK’s Constitutional Reform and Governance Act.
Jonathan Reynolds, former UK business and trade secretary who signed the deal with Commerce Minister Piyush Goyal, has triggered the parliamentary process with a statement in the House of Commons.