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Several Export Promotion Councils (EPCs) on Wednesday applauded India’s trade agreements with the United Arab Emirates (UAE) and Australia, saying they will help the country boost exports by giving Indian products preferential access to these markets .
The Engineering Export Promotion Council (EEPC) said the country benefits from preferential market access provided by the UAE for over 97 per cent of its tariff lines, which by value account for 99 per cent of India’s exports to the region.
The trend follows the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which will come into effect from May 2022, BD Agarwal, Eastern Region Chairman of EEPC, told an interactive session here.
The India-Australia Economic Cooperation and Trade Agreement (ECTA), which will come into force on December 29, is expected to create one million jobs and boost India’s merchandise exports to Australia by $10 billion, he said.
According to him, ECTA will also allow for zero tariffs on the 100 percent tariff line and provide cheaper raw materials for the steel and aluminum industries. The trade pact would also boost bilateral trade to $4.5-50 billion over five years.
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 so far this financial year has grown by 106.5 per cent to $25.04 billion from the previous financial year, he said.
The CEPA signed with the UAE is also expected to increase the total bilateral trade in goods to more than $100 billion and service trade to more than $15 billion within five years, he added.
Australian Consul General in Kolkata, Rowan Ainsworth, said ECTA would help Australian manufacturers increase supply chain resilience, facilitate trade diversification, and connect two complementary and stable economies.
Anand Mohan Mishra, Deputy Minister of the DGFT in Kolkata, said that in recent years, the India-Australia bilateral relationship has charted a new trajectory of transformational growth. The trade relationship facilitated through ECTA will open a new chapter in the India-Australia alliance, thereby significantly increasing India’s merchandise exports.
Pankaj Parekh, Regional Chairman of the Gems and Jewelery Export Promotion Council, said ECTA would help double India’s gems and jewelery exports to Australia from the current $350 million to $800 million in three years. After the India-UAE CEPA was signed in May, the region’s overall gem and jewelry exports rose by 20%.
According to Lalit Agarwal, regional chairman of the Plastics Export Promotion Council (PLEXCONCIL), Indian plastics has an export potential of US$5 billion to the UAE and US$6 billion to Australia. Under the India-UAE CEPA, the import duty on 260 types of plastic products applicable in the UAE has been reduced from 5% to zero with immediate effect.
He added that under the India-Australia ECTA, import duties on all plastic product tariff lines applicable to Australia have been reduced immediately, which will greatly facilitate outbound shipments.
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