India-UK FTA Takes Effect: First Indian export consignment flagged off from Chenna
Chennai, July 15: With the India-UK Free Trade Agreement (FTA) coming into effect today, the first commercial consignments valued at USD 4,46,046 were flagged off from here for Britain.
The initial consignments included goods from diverse sectors, such as gold jewellery, Automotive Components, Cast Wheels and Leather Footwear.
Showcasing India’s robust value-added food processing capabilities, APEDA facilitated a 50-metric-tonne (MT) consignment of agricultural and processed food products from Tamil Nadu.
The shipment included 25 MT of Premium traditional rice, millets and jaggery powder, alongside 25 MT of frozen Ready-to-Eat (RTE) food products.
The FTA, officially known as the India-UK Comprehensive Economic and Trade Agreement (CETA), was signed in July last year after 14 rounds of negotiations.
Spread across 30 chapters, the pact also covers digital trade, financial services, intellectual property, innovation, government procurement and the movement of professionals.
While consumers are likely to notice cheaper British products such as Scotch whisky, chocolates and premium cars over time, the agreement’s biggest gains are expected to come from greater market access for Indian exporters, professionals and businesses. (BVI)
