'India-UK FTA most economically significant pact'
New Delhi, July 1 -- The India-UK free trade agreement is Britain's most "economically significant" FTA, and will boost its GDP more than other post-Brexit FTAs with Australia, New Zealand, and the 12-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the June 26 House of Commons Library Research Briefing.
"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)," the briefing said, citing data from an impact assessment done by the UK's Department for Business & Trade (DBT). The House of Commons Library Research Briefings are considered impartial and fact-checked analysis to help lawmakers make informed decisions. CPTPP members are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK, and Vietnam.
According to the UK government's impact analysis, India's GDP will, in turn, receive a 0.06% boost, equivalent to £5.1 billion per year in the long run. The research briefing emphasised the need for an effective implementation of the agreement's provisions as the India-UK Comprehensive Economic and Trade Agreement (CETA) is scheduled to be operationalised from July 15.
Officials from both sides are engaged in fine-tuning operational issues, setting up processes and finalizing necessary documentation, people aware of the development said, asking not to be named. Union commerce minister Piyush Goyal, who was in the UK last week to supervise CETA's implementation, announced in London on June 26 that around 1,000 people will be deployed across India as advisors to help businesses maximise the benefits of the deal. The UK government has also launched an outreach programme to ensure that British businesses are fully equipped to take advantage of CETA....
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