Port Wings News Network:
FIEO supported by AEPC, CLE and HEPC is currently participating in the International Sourcing Expo in Melbourne with over 140 Indian companies. This is the biggest participation by Indian exhibitors in Australia, said Dr A Sakthivel, President, FIEO.
The enthusiasm of Indian exhibitors and more importantly from the serious buyers from Australia is clearly an indication that the ECTA between the two countries will be extremely successful. We are also aiming to raise the participation to over 200 companies in the next edition of the show, added Dr Sakthivel.
The Australian economy, like ours, has not been affected much from the pandemic and consumerism is on the rise to add to the demand, observed FIEO Chief. Buyers are just waiting for ECTA to be ratified by the Australian Government so that tariff benefits may flow to them. Despite having tariff disadvantage with countries having FTA with Australia, our exports grew by over 100% in 2021-22. Once FTA benefits are notified, we can look for greater penetration of Indian goods into Australian markets.
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, President, FIEO.
Indian manufacturing and exports will also be benefited from duty free imports of coal, alumina, manganese ore, copper, bauxite and non-ferrous metals etc.
We are confident that our bilateral merchandise trade will reach US$ 50 Bn in the next three years, much before the target set, while signing the ECTA.