UK-India Trade Deal: Potential in Peril

A UK Parliament report warns that tariff savings from the UK-India free trade agreement could be at risk due to reductions in export support staff. Initial savings could total £400 million annually, potentially reaching £3.2 billion over a decade, but implementation hurdles must be addressed.

A new report from an influential UK Parliament panel signals concerns over tariff savings from Britain's free trade agreement with India, which could be compromised due to significant cuts in export support staff. This comes as the government presents the Comprehensive Economic and Trade Agreement (CETA) for ratification in Parliament.

The analysis highlights initial duty savings of £400 million annually for UK exporters, with prospects of rising to £3.2 billion over ten years. Liam Byrne, committee chair, stresses that these savings could drive growth and job creation, but warns of considerable risks due to staff reductions affecting export support.

The cross-party committee urges the UK government to actively support the implementation of CETA, addressing India's complex red tape and non-tariff barriers. They emphasize the need for a clear, resource-backed plan to leverage the trade agreement's full potential for UK exports.

(With inputs from agencies.)