New Delhi, March 18 The Department-Related Parliamentary Standing Committee on Commerce interacted with an eight-member delegation from the United Kingdom Parliament's Business and Trade Committee, headed by Liam Byrne.
During the interaction, the committee highlighted that India and the United Kingdom share a unique modern relationship, emerging from historical linkages and institutional frameworks, underpinned by shared ideals of democracy and the rule of law.
The committee also noted the signing of the India–UK Comprehensive Economic and Trade Agreement (CETA) during Prime Minister Narendra Modi's visit to the United Kingdom and expressed confidence that the agreement will significantly enhance bilateral trade, potentially doubling it, and act as a strong catalyst in deepening economic cooperation.
The committee underlined the fact that India is the UK's 11th largest trading partner, while the UK is India's 14th largest trading partner.
A statement said it further noted that the United Kingdom is the 6th largest investor in India.
It said that India invests in 106 projects and creates 6,067 new jobs in the UK during 2024–25, thereby retaining its position as the second-largest source of FDI after the United States.
The meeting reflects the commitment of both countries to strengthen dialogue, knowledge sharing and exchange of views and insights on issues of mutual interest in the field of trade and commerce, the statement said.
Dola Sen, the chairperson of the committee, emphasised the need for a level playing field for importers and exporters because the tariff rates are not always in favour of Indian Business Traders.
Further, India is an agrarian country and requires traditional, labour-intensive, eco-friendly, environment-friendly, and agro-based industries for the domestic/export market, she said.
The chairperson also underscored that owing to a population of 150 crore, India is a big market for UK exporters. It is also a favoured destination for setting up industries due to the availability of labour, land, and other infrastructure facilities.
However, the committee is of the view that there should be implementation of the law of the land as per our constitution and strict compliance with applicable labour and statutory regulations.
Speaking on the occasion, Liam Byrne, Chair of the UK Parliament's Business and Trade Committee, stated that it was a privilege for the House of Commons delegation to visit "this great Parliament."
He noted that India and the United Kingdom have signed one of the most important free trade agreements in recent history.
The interaction concluded with both sides reiterating their commitment to sustained engagement and constructive collaboration in advancing shared economic objectives, the Rajya Sabha statement said.