Duty-free exports of marine products to benefit local fisheries sector
Panaji: India-UK Free Trade Agreement (FTA) is likely to significantly enhance trade and investment opportunities between India and the UK and has benefits for Goa in tourism, feni exports, and sectors such as fisheries and IT services, said the Goa Chamber of Commerce & Industry (GCCI).
GCCI president Pratima Dhond, on Saturday, pointed out that the FTA will provide a much-needed boost to the state’s economy by way of increased travel and tourism opportunities between India and the UK.
“Goa’s traditional feni, as well as Indian craft drinks, will gain recognition in the UK market with Geographical Indication protection and shelf space in high-end UK retail and hospitality chains.
“It will be a major boost for the government, which is promoting exports of Indian alcoholic beverages to global markets,” she said, adding that duty-free exports of marine products to the UK are also expected to benefit the local fisheries sector. The other sectors where GCCI expects the FTA to boost Goan businesses are textiles, footwear, pharmaceuticals, and also IT services.
Dhond believes that Indian IT professionals, including those from Goa, will gain from having easier access to the UK, with relaxed visa procedures and exemptions from UK social security contributions.
The FTA provides zero-duty access to the UK market for nearly 99 percent of Indian exports.
The move is expected to increase India’s pharma exports to the UK, which currently stand at under $1 billion. The FTA is also expected to benefit contract development and manufacturing organisation (CDMO) services and bulk drug exports.
“Generic drug makers, who typically operate on thin profit margins, will especially benefit,” according to the industry body.
The GCCI will be working with the government and industry stakeholders to maximise the benefits of the FTA for Goa’s businesses.
“We believe that this agreement will be a game-changer for our state›s economy and will help us achieve our growth potential,” said Dhond.
