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What India’s a Trade Deal with UAE, Australia mean for MSME Exporters

The trade agreements India struck with the United Arab Emirates (UAE) and Australia were praised by a number of export promotion councils (EPCs) on Wednesday. They said that the deals will aid India in expanding exports by allowing preferential access to those markets for Indian goods. <br>

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What India’s a Trade Deal with UAE, Australia mean for MSME Exporters

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  1. What India’s a Trade Deal with UAE, Australia mean for MSME Exporters www.seair.co.in/

  2. Introduction The trade agreements India struck with the United Arab Emirates (UAE) and Australia were praised by a number of export promotion councils (EPCs) on Wednesday. They said that the deals will aid India in expanding exports by allowing preferential access to those markets for Indian goods. According to the Engineering Exports Promotion Council (EEPC), 99% of India's exports to the area in value terms account for preferential market access granted by the UAE on more than 97% of its tariff lines.

  3. India’s Trade Agreement Deal with UAE B.D. Agarwal, the Eastern Regional Chairman of EEPC, stated at an interactive session held here that this tendency had developed since the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates was signed and went into force in May 2022. According to him, the India-Australia Economic Cooperation and Trade Agreement (ECTA), which will go into effect on December 29, will increase Indian exports of goods to Australia by $10 billion and generate 10 lakh new employment. Further, he claims that the ECTA will also provide zero tax on 100% tariff lines and give the steel and aluminium industries cheaper raw materials. The trade agreement will increase bilateral trade to between $45 and $50 billion in five years. According to Bipin Menon, development commissioner for the Noida Special Economic Zone, India is Australia's sixth-largest commercial partner.

  4. According to India export import data India and Australia's bilateral commerce in products and services has increased 106.5% so far this fiscal year over the previous fiscal, reaching $25.04 billion. According to him, the CEPA with the UAE is also anticipated to boost bilateral commerce in goods to over $100 billion and services to over $15 billion within five years. Get Export Import data. According to Rowan Ainsworth, Australia's consul general in Kolkata, the ECTA will connect the two stable and complementary economies while also assisting Australian industries in improving the robustness of their supply chains and trade diversification. However, Anand Mohan Mishra, the deputy DGFT for Kolkata, stated that the India-Australia bilateral relationship had recently established a new course for transformative growth. The commercial partnership made possible by ECTA would start a new chapter in the relationship between India and Australia, greatly boosting India's exports of goods.

  5. According to India export import data, the ECTA will enable India's gem and jewellery exports to Australia to double from their current $350 million to $800 million in three years, according to Pankaj Parekh, regional head of the Gems and Jewellery Export Promotion Council. Following the India-UAE CEPA in May, the region's exports of gems and jewellery saw a 20% increase overall. According to Lalit Agarwal, regional head of the Plastics Export Promotion Council (PLEXCONCIL), India has a $5 billion export potential to the UAE and a $6 billion export potential to Australia for plastics. The UAE's import tariff on 260 plastic products has been cut from 5% to nil with immediate effect under the India-UAE CEPA. Also under the India-Australia ECTA, import duty applicable in Australia had been; limited on all tariff lines for plastic commodities with immediate effect which would act as a great booster for outbound shipments, he mentioned. Also, if you need reliable Export Import data, Seair Exim Solutions is the best platform to gather useful, authentic and recent market information. We provide international buyers a detailed list of all the latest and most recent exporters and importers with all the updated India export import data. If you are looking for authentic Importers and exporters Data, reach out to us to grow your business by only one single click.

  6. Office Address Plot C2, Office No 2, First Floor, Mahindra park, Opp. GRID Office C1 Janakpuri, West Delhi 110059 Contact Kindly contact us if you have any questions Hotline +91-9990837766 info@seair.co.in

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