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KOLKATA, 28th December (UNI) EEPC India said the country has benefited from preferential market access provided by the UAE to over 97 per cent of its tariff lines which account for 99 per cent of the value of India’s exports to the UAE after the signing of the The India-UAE CEPA (Comprehensive Economic Partnership Agreement) came into effect on May 1.
India-Australia ECTA (Economic Cooperation and Trade Agreement) – IA-ECTA enters into force on 29 December 2022 and is believed to create 1 million jobs, increase India’s merchandise exports to Australia by $10 billion, allow for 100% Zero tariffs on the tariff line, providing cheaper raw materials BD Agarwal, regional director of EEPC, said that industries such as steel and aluminum will contribute to a bilateral trade volume of US$4.5-50 billion within 5 years.
He welcomes all to the joint meeting of EEPC India, DGFT India, GJEPC (Gems and Jewelry Export Promotion Council) and Plexconcil on India-UAE Free Trade Agreement and India-Australia ECTA
Noida Special Economic Zone Development Commissioner Bipin Menon said India is Australia’s sixth largest trading partner. Bilateral trade in goods and services between India and Australia grew by 106.5% in FY22 from FY21 to $25.04 billion. Underscoring the mutual importance of both countries in their trade forums, India’s engineering exports to Australia rose by 54.9 per cent from $801.5 million in 2020-21 to $1,241.5 million in 2021-22.
He also added that the IA-ECTA agreement would secure Australia’s foothold in the world’s fastest growing large economy. The India-UAE CEPA came into effect in May last year. It is estimated that the total bilateral trade in goods will exceed US$100 billion and the total trade in services will exceed US$15 billion within five years.
Rowan Ainsworth, Consul General of the Australian Consulate General in Kolkata, said the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) will help Australian manufacturers strengthen supply chain resilience, promote trade diversification and address supply chain risks, while better connecting our two countries. Complementary countries and stable economies.
Kolkata Deputy Foreign Minister Anand Mohan Mishra commented that in recent years, India-Australia bilateral relations have depicted a new transformational growth trajectory. The trade relationship facilitated through ECTA will open a new chapter in the India-Australia alliance, thereby significantly increasing India’s merchandise exports. The India-UAE FTA is not only aimed at developing bilateral relations but also the scope for India to increase its presence in the GCC region.
ER Pankaj Parekh, Regional Chairman of GJEPC, said that IA-ECTA is another masterpiece of the Ministry of Commerce and Industry. The India-Australia ECTA will double India’s gem and jewelery exports to Australia from the current US$350 million to US$800 million over the next 3 years. Since the India-UAE CEPA came into force on 1 May 2022, we have witnessed a 20% increase in overall exports to the UAE over the same period last year.
He urged all exporters to support ECTA like India-UAE CEPA and make it a great success.
According to Lalit Agarwal, a member of the PLEXCONCIL Regional Committee in the Eastern Region, 90 percent of the plastics industry comes mainly from the SME sector. The plastic export potential from India to the UAE is $5 billion and to Australia is $6 billion.
Under the India-UAE CEPA, the UAE’s import duty applicable to more than 260 plastic products has been reduced from 5% to 0% with immediate effect.
Under the India-Australia ECTA, import duties have been reduced immediately for all plastic product tariff lines applicable to Australia, which will greatly facilitate outbound shipments for the sector.
UNI PC BM
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