India-Australia trade agreement to boost exports of gem and jewellery

The India-Australia ECTA (Economic Cooperation and Trade Agreement) that becomes effective on December 29 will boost exports of gem and jewellery, engineering goods and plastic goods, said the industry executives at an outreach programme on India-Australia ECTA and India-UAE CEPA (Comprehensive Economic Partnership Agreement) held in Kolkata on Wednesday.

Pankaj Parekh, regional chairman, Gem & Jewellery Export Promotion Council (Eastern region) said ” 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 (Comprehensive Economic Partnership Agreement) 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.”

India has benefited from preferential market access provided by the UAE on over 97 % of its tariff lines which account for 99% of Indian exports to the UAE in value terms post signing of the India –UAE CEPA (Comprehensive Economic Partnership Agreement) which was effective from 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 B D Agarwal, Regional chairman (ER), EEPC India.

Bipin Menon, Development Commissioner, Noida, SEZ remarked that India is the 6thlargest trading partner of Australia. “India’s bilateral trade in goods and services with Australia saw a 106.5 % leap reaching US$ 25.04 billion in FY22 over FY21. 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,” he said.

Courtesy: Economic Times