Commerce ministry to conduct programmes to promote UAE, Aus trade pacts
- IBEF
- April 22, 2022
In order to promote the newly negotiated free trade agreements with the UAE and Australia, the Ministry of Commerce will hold a series of outreach programmes in several cities. Hyderabad, Chennai, Bengaluru, Mumbai, Surat, Ahmedabad, Delhi, and Agra are among the places where these programmes will be held.
The primary goal of these programmes is to educate Indian exporters on the export prospects that these trade agreements will afford them in both the goods and services sectors.
These programmes would be planned in close collaboration with the state governments. Officials from the concerned states' trade or industry ministries, as well as representatives from industry associations and export promotion councils, will take part in the programmes.
On April 23, the first in the series of programmes will take place in Hyderabad.
The India-UAE free trade agreement is expected to take effect on May 1 this year, allowing domestic exporters of up to 6,090 commodities from sectors such as textiles, agriculture, dried fruits, gems, and jewellery duty-free access to the UAE market.
India and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA) in February, with the goal of increasing bilateral trade to US$ 100 billion in the next five years from the present US$ 60 billion.
The UAE CEPA has arrived at an opportune time, since the Dubai government is working to construct Bharat Bazar in their proposed Traders Market. This is a one-of-a-kind facility that would provide office and warehouse space to Indian exporters for active and aggressive marketing in the Middle East and Africa.
On April 2, India and Australia signed an economic cooperation and trade deal under which Canberra will grant duty-free access to over 6,000 Indian products, including textiles, leather, furniture, jewellery, and machinery, in its market.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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