The Andhra Pradesh Chambers of Commerce & Industry hailed the India-U.K. Free Trade Agreement (FTA) signed on July 24, saying that it would open up export opportunities for many sectors in the State.
As the United Kingdom gave duty-free access to 99% of Indian exports, sectors such as textiles, gems and jewellery, leather, marine products, agriculture produce, food processing, electronics, chemicals and engineering goods would get a fillip, Andhra Pradesh Chambers president P. Bhaskar Rao said in a press release.
He stated that Andhra Pradesh was strong in those sectors but has been struggling for the last few years owing to the pandemic, economic slowdown and global uncertainties. With the FTA, exporters from A.P. could look forward to increased exports not just to the U.K., but also to the European Union via the U.K.
Andhra Pradesh is a major exporter of seafood and the U.K.’s $5.40 billion marine import market now gives widened access with zero tariffs thereby boosting exports. Agriculture and processed food products such as turmeric, coffee, mango pulp, pulses, spices, ready‑to‑eat foods and tropical fruits would gain tariff-free U.K. access.
The FTA would not only ensure immediate export gains but also has long-term advantages. With the increase in exports in multiple sectors, Andhra Pradesh could expect employment generation. “It also promises to streamline customs procedures and remove trade barriers which will benefit Andhra Pradesh exporters, particularly those in the MSME sector,” Mr. Bhaskar Rao added.
