Trade Agreements: India and USA
The question
To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of trade deals with (a) India and (b) the USA on the economy of North East Somerset and Hanham constituency.
Answered by Mr Douglas Alexander
On 8 May the UK government announced a landmark economic deal with the US. This protects jobs in the automotive, steel, aluminium, pharmaceutical and aerospace sectors - which employ over 320,000 people across the UK. In the South-West alone, these sectors employed 29,450 people in 2023. The trade deal with India is expected to raise UK GDP by £4.8 billion, increase wages by £2.2 billion annually in the long run, and unlock opportunities in every corner of the UK. As a result of this deal South-West exports including lamb, cosmetics, and advanced manufacturing will benefit from reduced tariffs.
Together, the US and India deals support UK-wide growth, with the South-West already exporting goods worth £0.6 billion to India and £4.4 billion to the US in 2024.
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