The Andhra Pradesh State government is in a desperate search to expand its trade relations through Free Trade Agreements (FTAs) with various countries to tackle the challenge from Chinese buyers and United States for aqua exports. China, U.S. and the European Union are the prime export destinations of Andhra Pradesh for the aqua exports.
“By 2022, Andhra Pradesh State secured first place in aqua exports and third place in the marine products exports in India. The compoundable annual growth rate of aqua exports of Andhra Pradesh is 9.5 % as against country’s 7%”, said Fisheries Minister Seediri Appala Raju.
Major challenges
“Despite a remarkable performance, the Andhra Pradesh aqua industry has been facing two major challenges. Post-COVID-19, the Chinese buyers have scaled down the aqua imports from Andhra Pradesh. The USA is looking at Ecuador due to low freight cost.”, added Mr. Appala Raju.
In a meeting held on October 28 in Kakinada, Mr. Appala Raju has appealed to Finance Minister Nirmala Sitharaman and Minister of Commerce and Industry Piyush Goyal to explore possibilities to sign Free Trade Agreements (FTA) with the export destinations to come to rescue of the aqua industry and boost the aqua exports from Andhra Pradesh.
Mr. Appala Raju has appraised the present state of aqua exports to Ms. Sitharaman and Piyush Goyal during the inauguration of the Indian Institute of Foreign Trade (IIFT-Kakinada) on October 28.
“If the FTAs are signed, it will give a fillip to the aqua industry and increase contribution of Andhra Pradesh to the country’s Gross Value Added (GVA) rate from the aqua industry”, said Mr. Appala Raju. State Finance Minister Buggana Rajendranath was also accompanied Mr. Appala Raju in the meeting. The Andhra Pradesh share is 30% in India’s marine exports.
Published - October 29, 2022 12:42 pm IST
