India-UK FTA focus 'decisively shifted from signing to delivery': UK
The focus of the India-UK Free Trade Agreement (CETA) has ‘decisively shifted from signing to delivery’, and that work is progressing apace, according to Jason Stockwood, UK Minister of State in the Department for Business and Trade and HM Treasury.
The agreement is expected to “enter into force before the end of Spring,” Stockwood, who was speaking during a debate on the CETA in the House of Lords recently, said.
The British Parliament is in the process of ratifying the agreement, with peers and MPs debating all aspects of the agreement in both houses before implementation expected by next month. The deal is set to unlock £25.5 billion in bilateral trade by 2040.
Stockwood went on to describe the CETA as a ‘momentous achievement’, which goes well beyond ‘India’s precedent’ to open the door for UK businesses.
“India will drop tariffs on 90 per cent of its lines, covering 92 per cent of current UK exports, giving the UK tariff savings of £400 million per year immediately on entry into force. This will rise to £900 million per year 10 years from now, even if there is no increase in trade. India’s average tariff will fall from 15 per cent to 3 per cent,” Stockwood highlighted.
The United Kingdom logged £47.2 billion pounds in trade with India in last year, up by 15 per cent year on year, making India the country’s 11th-largest trading partner, the minister revealed.
“Only the UK has secured access to India’s £38 billion federal procurement market,” he pointed out.
Several others noted ‘missed opportunities’, with the pact being heavily weighted towards goods and leaving considerable scope for further work on services and investment facilitation.
