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A historic development with regard to global trade happened in the form of the free trade agreement that was signed between India and European Union yesterday. This trade agreement is expected to reduce the tariffs and increase the trade activities between the two entities at a large scale.
For those who are wondering, what kind of a positive impact this new trade agreement between India and European Union will have on Andhra Pradesh, here what the IT Minister Lokesh said.
Lokesh stated “The India – EU Free Trade Agreement is a strategic breakthrough that puts Indian enterprise on a fast lane to global markets. Several sectors in AP such as seafood and agri-commodities will immediately benefit from the preferential access to EU markets.
The FTA unlocks export potential of $75 billion, while offering a big boost for MSMEs, women, artisans, youth & professionals, he added.
By lowering trade barriers and expanding market reach, the FTA strengthens export-led growth and positions Andhra Pradesh to have a shot global value chains with scale and speed.
Considering the “Speed of doing business” narrative that is being carried by the Chandrababu government, this trade agreement could open up new avenues to the state.
On top of that, the seafood sector in Andhra Pradesh took a massive beating due to the tariffs imposed by United States President Donald Trump as the exports went down sharply. So this new trade agreement with the European Union would revive the sector to a large capacity.
Tags India EU trade deal Lokesh
