VIJAYAWADA: Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) has hailed the India-United Kingdom Comprehensive Economic and Trade Agreement (CETA) signed by the two countries on Thursday.
In a statement on Saturday, AP Chambers president Potluri Bhaskara Rao expressed the confidence that the agreement between the two nations will open up export opportunities for many sectors in Andhra Pradesh.
He pointed out AP is strong in agriculture, food processing, aqua, textiles, leather, engineering products and chemicals. These sectors have been struggling for the past few years due to pandemic, economic slowdown and global uncertainties. However, with the Indo-UK trade agreement signed, exporters from Andhra Pradesh can look forward to increased exports not just to the UK, but also to the European Union via the United Kingdom.
The AP Chambers president pointed out that Andhra Pradesh is a major exporter of seafood. The UK’s $5.4 billion marine import market gives widened access to AP products with zero tariffs, thereby boosting exports. Further, agriculture and processed food products, such as turmeric, coffee, mango pulp, pulses, spices, ready‑to‑eat foods and tropical fruits will gain tariff-free access to the United Kingdom.
Bhaskara Rao anticipated that with duties eliminated on textile, leather, engineering, machinery, chemicals, plastics and electronics products, AP’s manufacturers could plug into the UK supply chain.
He observed that the agreement will not only ensure immediate export gains but provide long-term advantages, including employment generation in the state and the country.
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