London, Mar 6 (PTI) As the parliamentary ratification process gathers momentum, the UK said its focus has “decisively shifted” from signing to delivery of the Free Trade Agreement (FTA) with India – which is predicted to boost bilateral trade by 25.5 billion pounds by 2040.

During a debate entitled ‘UK-India: Comprehensive Economic and Trade Agreement (CETA)" in the House of Lords this week, British peers deliberated upon the conclusions of a report by the Upper House’s International Agreements Committee (IAC) released last month.

It was a chance for parliamentarians to express their views and flag concerns over the CETA, which the Minister of State in the Department for Business and Trade (DBT) noted is expected to "enter into force before the end of Spring”.

“Having spoken with the officials who negotiated this agreement, now that they are leading its entry into force the focus has decisively shifted from signing to delivery, and that work is progressing apace," said Lord Jason Stockwood, the DBT minister responding to the debate on behalf of the government.

He went on to describe the CETA as a “momentous achievement”, which goes well beyond “India’s precedent” to open the door for UK businesses.

“India will drop tariffs on 90 per cent of its lines, covering 92 per cent of current UK exports, giving the UK tariff savings of 400 million pounds per year immediately on entry into force. This will rise to 900 million pounds per year 10 years from now, even if there is no increase in trade. India’s average tariff will fall from 15 per cent to 3 per cent," Lord Stockwood highlighted.

“It is worth noting that India’s protectionism is not just a matter of policy; it runs deep in its national story. At independence, the burning of foreign cloth became a symbol of economic self-determination. So, when India agrees a deal of this depth, it is not just a small adjustment; it is a significant shift marking progress in the relationship between our two countries," he noted.

Tabling the latest DBT statistics, the minister revealed that the UK logged 47.2 billion pounds in trade with India in the past year – up 15 per cent year on year, making India the country's 11th-largest trading partner.

As some of the peers questioned India's agreement struck with the European Union (EU) in January, Stockwood said the government would be going through that agreement “line by line to check the mark-ups" but stressed that the UK had secured a “first-mover advantage”.

“Only the UK has secured access to India’s 38 billion pounds federal procurement market,” he pointed out.

The debate was opened by Lord Peter Goldsmith, who was chair of the IAC cross-party panel when it conducted an inquiry into the India-UK CETA after it was signed during Prime Minister Narendra Modi’s visit to the UK in July 2025.

“The FTA with India is about not merely securing new market access but providing stability for businesses, diversifying supply chains and establishing a platform for sustaining strategic cooperation with an important partner," said Goldsmith.

He and other peers pointed out some "missed opportunities” with the pact being heavily weighted towards goods and leaving considerable scope for further work on services and investment facilitation.

“The real test will be in implementation — ensuring the opportunities are understood, appropriate dialogues are facilitated, small and medium-sized enterprises are supported to navigate their way through complexities and all relevant parties are engaged in helping to realise the agreement’s full potential," said Baroness Usha Prashar, one of the British Indian peers who participated in the debate.

“In a world of shifting strategy and strategic balances, heightened geopolitical uncertainty and fragile supply chains, which are sorely under strain, with rising protectionism and greater polarisation between East and West, this agreement sends out an important signal,” noted Baroness Neena Gill.

The British Parliament is in the process of ratifying the agreement, with peers and MPs debating all aspects of the CETA in both Houses before implementation – expected by next month. PTI AK AMS AMS