India-UK Trade Pact: First Consignments Flagged-off From Different Parts Of Country Under CETA
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The union government on Wednesday flagged off the first UK-bound export consignments from different parts of the country, marking the start of the India-United Kingdom Comprehensive Economic and Trade Agreement (CETA).
The two countries operationalised a free trade agreement today under which 99 per cent domestic goods will enter the British market at zero-duty.
The inaugural consignment of export shipments from Telangana to the UK was flagged off this morning in Hyderabad. The launch event was attended by several senior officials, including Telangana’s Special Secretary for Industries Krishna Aditya, Directorate General of Foreign Trade (DGFT) Additional Director Dr. Sampath Kumar, VSEZ Deputy Commissioner Bhavani Sri and Regional Head RP Naidu.
Similar consignments were flagged off from Maharashtra’s Nhava Sheva and SEEPZ-SEZ in Mumbai by senior DGFT officials and regional authority Mumbai from sectors including chemicals, pharmaceuticals, plastics, food products, enzymes, and spices, marking the commencement of exports under the agreement.
At SEEPZ-SEZ, India’s first Special Economic Zone and a leading export hub for gems and jewellery, Development Commissioner Dnyaneshwar B. Patil led a flag-off ceremony for export shipments to the United Kingdom.
Similar consignments were flagged off from Gujarat, Karnataka and Rajasthan. The Deputy High Commissioner of UK Chandru Iyer flagged off shipments to the UK in Bengaluru while the ceremony was held in Sanand, Gujarat as well.
Similarly shipments of ready-made garments and woollen and worsted yarn were flagged off from Punjab’s Amritsar and Ludhiana. The ceremony was jointly organised at Sahnewal by DGFT (RA), the Customs Commissionerate and FIEO in Ludhiana. In Amritsar, the consignment of ready-made garments was flagged off from Sri Guru Ram Dass Jee International Airport through Air India’s direct flight to Birmingham. The trade agreement is expected to promote bilateral trade, improve market access for Indian products in the United Kingdom and enhance export opportunities for Indian businesses, according to the statement by the Ministry of Commerce and Industry.
“Several sectors, including gems & jewellery, textiles, leather, marine products, engineering goods, footwear and MSMEs, are expected to benefit from the preferential tariff provisions under the agreement,” it said.
“The Agreement is also expected to enhance price competitiveness, improve exporter margins, attract higher investments, generate employment and significantly boost exports from SEEPZ-SEZ to the United Kingdom in the coming years,” the Ministry said in a statement.
The flagging-off ceremonies also provided an opportunity to create awareness among exporters regarding the procedural requirements for availing the benefits under the Agreement, including compliance with Rules of Origin, documentation requirements and other related export procedures, it added.