ADVERTISEMENT
Africanian
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
No Result
View All Result
Africanian
No Result
View All Result
Home World Europe

United Kingdom: Britain’s deal with India offers benefits but risks

The United Kingdom would gain massively from a free-trade agreement with India, but will also expose its economy to unprecedented competition, according to a report from the Resolution Foundation.

in Europe, News
Reading Time: 2 mins read
0 0
0
United Kingdom: Britain's deal with India offers benefits but risks
0
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

The think tank, which pushes for improved living conditions for people in the UK on low and middle incomes, said a deal with the world’s second most populous country could offer an upside similar to an FTA with the United States.

Sophie Hale, principal economist at the Resolution Foundation, said the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, could also be eclipsed by the benefits of a deal with New Delhi.

“While much of the focus has concentrated on becoming the first European country to join the huge CPTPP region, the far bigger potential economic gains and risks lie in more trade with the huge, rapidly growing, but still relatively closed Indian economy,” Hale was quoted by The Guardian as saying.

READ MORE: LONDON: Fresh party claim heaps more pressure on Johnson

“Trade liberalization with India is expected to boost UK manufacturing in the short term, but could also benefit business services, where UK firms already enjoy a competitive advantage, and where demand is set to soar.”

More

Angola: APPO Launches African Energy Bank Initiative

Somalia: Celebrations follow Presidential Election Result

Beninese Government To Set Measures Against High Cost Of Living

The CPTPP is a free-trade agreement involving Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The BBC said the agreement is worth 9 trillion pounds ($12.1 trillion) a year.

But the Resolution Foundation said the UK could benefit more from an FTA with India because it would give London “first-mover “status in the country.

Unprecedented challenge

READ MORE: Beijing claims to know true motive behind London ban on Huawei

But the report cautions that the UK’s vibrant business services sector could be exposed to unprecedented competition from Indian companies through an FTA, with them potentially being undercut and outmaneuvered by their Indian rivals.

The Daily Express newspaper said India has an increasing thirst for business, telecommunications and computer services, with its demand for imported business services alone expected to triple by 2030.

READ MORE: India: Google news handling in India under scrutiny

London has been talking to New Delhi for some time about a potential free trade deal and Anne-Marie Trevelyan, Britain’s international trade secretary, continued that conversation earlier this month when she met with Shri Piyush Goyal, India’s minister of commerce and industry.

Sky News reported an FTA with India would fit with the UK’s avowed mission of increasing trade with Asia in the wake of it leaving the European Union.

Source: CD

africanian

africanian

Africanian, an Africa news media portal.

  • Trending
  • Comments
  • Latest
E. Guinea: Winners Emerge from the TotalEnergies Startupper Challenge

Equatorial Guinea: Winners Emerge from the TotalEnergies Startupper Challenge

May 6, 2022
The fragile state of Freedom of the press in Africa

Op-ed: The fragile state of Freedom of the press in Africa

May 6, 2022
Angola: APPO Launches African Energy Bank Initiative

Angola: APPO Launches African Energy Bank Initiative

May 16, 2022
Angola: APPO Launches African Energy Bank Initiative

Angola: APPO Launches African Energy Bank Initiative

May 16, 2022
Somalia: Celebrations follow Presidential Election Result

Somalia: Celebrations follow Presidential Election Result

May 16, 2022
AFRO SPORTS: Nigeria Wins Hosting Rights For Confederation Cup Final

AFRO SPORTS: Nigeria Wins Hosting Rights For Confederation Cup Final

May 13, 2022
Africanian

Copyright © 2022 Africanian.com.

Follow Us

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

Copyright © 2022 Africanian.com.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.