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India Australia ECTA: Today’s day (29 December 2022) between India and Australia (India-Australia) has proved to be historic. From today the Free Trade Agreement (India-Australia FTA) between the two countries has come into force. Under the India-Australia Economic Cooperation and Trade Agreement (ECTA) signed between these two countries, the first consignment of gems and jewelery has been flagged off. Union Minister of Commerce and Industry Piyush Goyal (Union Minister of Commerce and Industry) was also present on this occasion. Under this, he has sent the consignment together from Mumbai, Surat and Chennai.
two agreements with Australia
Minister Goyal said that with the coming into force of this ECTA agreement, India has signed two agreements with Australia, that too within a calendar year. It is a matter of great joy and celebration for all of us. If seen, there is a lot of potential for the export of Finished Goods to Australia. There is production of Raw Material and Intermediate Goods on a large scale. A large number of people will be able to get employment in the manufacturing of finished goods in India.
The world’s two biggest economies came together
Rajesh Kumar, Additional Secretary in the Department of Commerce of the Union Ministry of Commerce and Industry, said that two big economies of the world have come together through ECTA. If seen, the nature of these two countries complement each other. One has a stock of raw material while the other has expertise in making manufacturing goods. Through this agreement, raw material will be imported from Australia at zero duty. This will give a boost to India’s manufacturing sector.
Will accelerate in 3 years
On this occasion, Vipul Shah, President of Gem and Jewelery Export Promotion Council (GJEPC), said that this is another commendable achievement of the Government of India. This agreement will play an important role in accelerating the development of gems and jewelery sector. He said the India-Australia ECTA would double the bilateral gems and jewelery trade from the current value of US$ 1.27 billion to US$ 2.5 billion in the next 3 years.
88,000 workers will get work
Imposition of 0% duty on gold and silver jewelery as well as imitation jewelery exported to Australia will give a boost to these products. This will create an additional trade potential of US$ 1 billion. There is a great potential to create employment opportunities for 88,000 workers in India.
These companies sent their goods
In today’s consignment, ZenStar, Jewellery, Jewelex India Pvt. Ltd. And Venus Jewel, Emerald Jewel Industry India Ltd of Chennai and Jafarbhai Salehbhai Daginawala of Surat have sent their gems and jewelery to Australia.
here you are
Many senior officials were present along with Goyal on the occasion of sending the first export consignment from Mumbai to Australia. These included Rajesh Aggarwal, Additional Secretary, Department of Commerce and Monideepa Mukherjee, DG, PIB Mumbai.
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