UK House of Lords committee initiates probe into UK-India FTA impact

The cross-party panel has sought evidence from experts and stakeholders as part of the parliamentary process before the agreement can come into effect.

It has sought evidence on the potential benefits and risks of the free trade agreement for the United Kingdom; how the agreement will affect sectors across the whole of the country; the impact on British consumers; the broader economic, social and environmental impacts of the agreement; interaction with the UK trade and industrial strategies; the implications for the UK-India relationship; and the wider geopolitical context of the agreement.

CETA aims at doubling bilateral trade to $120 billion by 2030. It has been pitched by the UK government as a ‘landmark agreement’ that will raise trade by £25.5 billion and UK gross domestic product (GDP) by £4.8 billion 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 with the full knowledge that they will have value and are welcome,” said committee chair Lord Peter Goldsmith.

Keir Starmer is scheduled to visit India for the first time as British Prime Minister early next month to join his Indian counterpart Narendra Modi at the Global Fintech Fest (GFF).

The deadline for the public call for submissions in writing is October 14.

Next, 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 committee’s task is to scrutinise all UK treaties that are laid before parliament under the terms of the UK’s Constitutional Reform and Governance Act. Its inquiry reports are tabled in parliament as part of the ratification process.

ALCHEMPro News Desk (DS)