I ask noble Lords to indulge me with their forgiveness for not delivering my maiden speech as my first item, but I have been asked to answer this Question. I will be giving my maiden speech tomorrow, for those who wish to hear it, in a QSD on Iran. It is a pity, because I should obviously like to use this opportunity to talk about the courtesies and kindnesses I have received from so many noble Lords, but please know that that will be forthcoming tomorrow.
I also declare an interest, as we are talking about India and a free-trade agreement. I have equity in a fund management business that invests in India, although I do not think there are any specific issues raised by this discussion.
With the leave of the House, I shall now repeat the Answer given to an Urgent Question by my right honourable friend the Minister for Trade Policy.
“India is an economic superpower, projected to be the world’s third largest economy by 2050. Improving access to this dynamic market will provide huge opportunities for UK business, building on a trading relationship worth more than £24 billion in 2021. That is why we are negotiating an ambitious free trade agreement that works for both countries. We have already closed the majority of chapters and look forward to the next round of talks shortly.
A strong FTA can strengthen the economic links between the UK and India, boosting the UK economy by more than £3 billion by 2035. An FTA can cut red tape, making it cheaper for UK companies to sell into India’s dynamic market, helping drive growth and support jobs across region of the UK. Greater access could help UK businesses reach more than a billion more consumers, including India’s growing middle class, estimated to reach a quarter of a billion by 2050, and give them a competitive edge over other countries that do not have a deal with India. An FTA with India supports the Government’s growth strategy by taking advantage of the UK’s status as an independent trading nation, championing free trade that benefits the whole of the UK. We remain clear that we are working towards the best deal for both sides and will not sign until we have a deal that is fair, reciprocal and, ultimately, in the best interests of the British people and the UK economy.”