Kolkata, Dec 28: 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, Deveopment 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. (UNI)
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