Indian exports to Australia grew over 100% in 2021-22, says FIEO President
Indian buyers are just waiting for the India-Australia Economic Cooperation and Trade Agreement (ECTA) to be ratified by Canberra so that tariff benefits may flow to them, according to FIEO President Dr A. Sakthivel.
“Despite having tariff disadvantage with countries having Free Trade Agreements with Australia, our exports grew by over 100% in 2021-22,” he said on 15 Nov 2022.
“We are confident that our bilateral merchandise trade will reach US$50 billion in the next three years, much before the target set, with ECTA signing.
“Once the free trade agreement benefits are notified, we can look for greater penetration of Indian goods into Australian markets,” he said as FIEO led 140 Indian companies to the International Sourcing Expo held 15-17 Nov 2022 in Melbourne.
Engineering, Electronics, Auto components, Pharma, Gems & Jewellery, Apparel, Made-ups, Leather, Handloom and Handicrafts are set to gain post ECTA. Education, IT & ITES, Tourism and Health are the services which are likely to grow with joint venture opportunities as well, said the FIEO President.
Indian manufacturing and exports will also be benefited from duty free imports of coal, alumina, manganese ore, copper, bauxite and non-ferrous metals etc.
“The Australian economy, like ours, has not been affected much from the pandemic and consumerism is on the rise to add to the demand,” he observed.
“We are also aiming to raise the participation to over 200 companies in the next edition of the show,” added Dr Sakthivel. fiinews.com
