Bhubaneswar: Odisha is set to gain significantly from the India-UK Free Trade Agreement (CETA). The pact promises improved market access for key sectors, particularly marine products and handicrafts, in the United Kingdom.
Seafood exports from coastal hubs like Paradip and Balasore are anticipated to see enhanced access, benefiting from the elimination of UK tariffs on 99% of India’s marine product shipments. This includes crucial items like shrimp and tuna.
CETA is set to significantly benefit Odisha’s marine product sector by eliminating UK tariffs, which ranged from 4.2% to 8.5%, on 99% of India’s seafood exports, including key items like shrimp, tuna, fishmeal, and feeds.
This duty-free access is projected to accelerate India’s seafood export growth, with an expected 70% increase to the UK in the coming years, capitalizing on the UK’s substantial $5.4 billion annual marine import market where India currently holds only a 2.25% share.
Coastal regions of Odisha, particularly Paradip and Balasore, are anticipated to see improved access for their seafood, directly benefiting fisherfolk through better price realization and expanded opportunities, while the inclusion of Sanitary and Phytosanitary (SPS) measures will also help Indian seafood exporters meet UK quality and safety standards more easily, reducing shipment rejections and building trust in Odia marine products.
Furthermore, Odisha’s rich tradition of handicrafts is expected to find new opportunities in UK markets, with tariffs on textiles and related goods now being removed. This strategic agreement is poised to boost self-employment and contribute to the overall economic growth of the state.
Traditional Odia crafts are poised to enter and thrive in UK markets.Tariffs on textiles and clothing, including handicrafts, will be removed.This agreement aims to boost self-employment and overall economic growth in Odisha.