The first consignment under the India-Australia Economic Cooperation and Trade Agreement (ECTA) on 29^th December at Chennai Air Cargo Customs was held in the presence of Smt. Rajalakshmi Devaraj, I.D.A.S, Zonal Additional Director General of Foreign Trade; Shri Mahendiravarma RA, IRS, Jt. Commissioner, Chennai, Air Cargo Customs, Shri. A.V. Narasimhan, Asst. Commissioner, Chennai, Air Cargo Customs, Shri. Princeson Jose, Regional Chairman (South), GJEPC and Shri. Surya Narayanan, Regional Director (South) GJEPC.

 

After the flagging off Smt. Rajalakshmi Devaraj, I.D.A.S, said, “The removal of trade barriers between India and Australia serves the commercial interests of both nations. The ccompetitiveness of Indian exports will increase due to immediate zero duty access and will result in higher market share. The pact will boost overall bilateral trade and benefit various labour intensive sectors of Indian products wherein import duty from existing 5% becomes zero under India-Australia ECTA.

 

The another flagging off ceremony of the export consignments from Tamil Nadu under ECTA was held on 29^th December at Ennore Adani Container Terminal in the presence of Mr. Balaji, IRS, Addl. Commissioner of Customs, Mr.Vishwas BN, ITS, Jt. DGFT, Chennai, Mr. Israr Ahmed, Past Chairman FIEO,Chennai, Mr. Unnikrishnan AR, MD, Saint Globain India Pvt. Lt, Mr. Milind Sangtiani, Container Terminal Head, Adani Ennore Container Terminal Ltd, and other senior officials from O/o. Zonal DGFT, FIEO, Ennore Port and leading exporters to Australia. St.Globain’s Float glasses consignment to Australia flagged off during the function. Glasses and building materials will be getting Zero duty concession in Australia under ECTA.

According to FIEO, Textiles and Garments will gain immensely especially on the made-ups, apparel and garments along with opening of window for the handloom sector. Other segments which can gain larger market share within short term from Tamil Nadu is Gems and Jewelly, Leather and non-leather footwear segment, Handicraft, Auto parts, engineering products, etc. During the FY 21-22, export form Tamil Nadu to Australia was to the tune of USD 384 Million and during the current financial year form April to October export form TN was 322 Million USD and it is expected that during this year export form TN to Australia may cross USD 500 Million.

******

 

 

(Release ID: 1887310)