Industry Odisha Bureau, Jul 1: The Free Trade Agreement (FTA) between India and United Kingdom (UK) is reportedly claimed to be an “economically significant pact” as it is expected to “boost UK’s GDP more than other FTAs”.
As per media reports, the UK’s House of Commons Library Research Briefing has reportedly stated that, “the India-UK FTA will boost UK’s GDP more than other FTAs with Australia, New Zealand, and the 12-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).”
Notably, the CPTPP members have been reported to be “Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK, and Vietnam.”
Reportedly citing data from an impact assessment done by the UK’s Department for Business & Trade (DBT), the UK’s House of Commons Library Research Briefing has reportedly added that, “UK GDP is forecast to be 0.13% higher (£4.8 billion) in the long run as a result of the agreement. This is a larger boost to GDP than the other post-Brexit FTAs negotiated from scratch (Australia, New Zealand and CPTPP).”
Similarly, the UK DBT’s impact assessment also reportedly stated that, “India’s GDP will, in turn, receive a 0.06% boost, equivalent to £5.1 billion per year in the long run.”
It also reportedly added that, “India is projected to be the third, while UK is projected to be the world’s sixth-largest economy by 2035.”
Since the India-UK Comprehensive Economic and Trade Agreement (CETA) is reportedly “scheduled to be operationalised from July 15”, the UK’s House of Commons Library Research Briefing has reportedly laid stress on “the effective implementation of the agreement’s provisions.”
Media reports also said that, “UK and India are also gearing up to negotiate for a Bilateral Investment Treaty (BIT) after the CETA is operationalised.”
