Kolkata: EEPC India has said that the country has been benefited from preferential market access provided by the UAE on over 97 percent of its tariff lines which account for 99 pc of Indian exports to the UAE in value terms post signing of the India –UAE CEPA (Comprehensive Economic Partnership Agreement) which was effective since May 1, 2022.
India Australia ECTA (Economic Cooperation and Trade Agreement) –IA-ECTA effective December 29, 2022 deems to create 10 lakh jobs, raise Indian merchandise exports to Australia by USD 10 Billion , allow Zero Duty on 100 percent tariff lines, provide Cheaper raw materials to steel, aluminium among other sectors all leading to USD 45-50 billion bilateral trade in 5 years outlined EEPC regional director B D Agarwal said.
He welcomed all to the EEPC India, DGFT India , GJEPC (Gems & Jewellery Export Promotion Council) and Plexconcil joint session on India –UAE FTA and India – Australia ECTA
Bipin Menon,Development Commissioner, Noida, SEZ remarked that India is the 6th largest trading partner of Australia. India’s bilateral trade in goods and services with Australia saw a 106.5 pc leap reaching US$ 25.04 billion in FY22 over FY21. India’s engineering exports to Australia had increased by 54.9 pc to reach US$ 1241.5 million in 2021-22 from US$ 801.5 million in 2020-21 which underscore the mutual importance of both the nations in their trade forum.
He also added the IA-ECTA agreement will secure Australia’s foothold in the world’s fastest growing large economy. India –UAE CEPA which is in force since last May is expected to increase the total value of bilateral trade in goods to over US$100 billion and trade in services to over US$ 15 billion within five years.
Consul General, Australian Consulate General in Kolkata Rowan Ainsworth, said that Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) will help Australian manufacturers strengthen their supply chain resilience, enhance trade diversification and address supply chain risks while better connecting our two complementary and stable economies.
Deputy DGFT, Kolkata, Anand Mohan Mishra commented in recent years, India-Australia bilateral relationship has charted a whole new trajectory of transformational growth. The trade relationship facilitated through ECTA will open a new chapter on India-Australia association thereby enhancing India’s merchandised exports significantly. The India –UAE FTA is not only aimed at growing the bilateral relationship but it is also a scope for India to increase its presence in the GCC region.
Regional Chairman, GJEPC, ER Pankaj Parekh said IA-ECTA is another masterstroke by the Ministry of Commerce & Industry. India-Australia ECTA will double India’s gem & jewellery exports to Australia, from its current US$350 million to US$800 million in the coming 3 years. Post the India-UAE CEPA came into force from 1st May 2022 till date we have witnessed an overall exports growth of 20% to UAE over the same period last year.
He urged all exporters to support ECTA as they did for India–UAE CEPA and make it a grand success.
Ninety percent of plastic industries are mainly from the SMEs sector, said Lalit Agarwal, Regional Committee Member, PLEXCONCIL, Eastern Region. The export potential for plastics from India to the UAE stands at USD 5 billion and to Australia at USD 6 billion .
Under the India-UAE CEPA, import duty applicable in the UAE on 260+ plastic products has been reduced from 5% to 0% with immediate effect .
Under the India-Australia ECTA, import duty applicable in Australia has been reduced on all the tariff lines for plastic products with immediate effect which would act as a great booster for the outbound shipments from this sector.
