NEW DELHI, 24 February 2023: In a boost to trade between Australia and India, more than 100 Indian companies will showcase their wares in Sydney and Melbourne. The decision preceded by the Economic Cooperation and Trade Agreement (ECTA), is likely to give business people from both the countries a chance to interact and Australian business-people to look at Indian products.
A big Indian business delegation will also visit Australia during the duration of the expos, organised by the Federation of Indian Chambers of Commerce (FICCI) and the Melbourne-based SAP Global Consultancy. A meeting to facilitate the expos in Australia was held at the FICCI headquarters attended by Mr. Rahul Singh, Director SAP Global- PPR & Associates and tax advisor with Mr. Raj Kumar, former Consul General of India, Melbourne, based in Delhi, among others.
Mr. Raj Kumar has been actively involved in enhancing bilateral relations between India and Australia.
Talking to South Asia Times (SAT), Mr. Gaurav Vats, Director ASEAN, East Asia, Oceania & North America detailed the logistics of the proposed exhibitions and the need by the Indian Diaspora and companies to support it:
The expos in Sydney and Melbourne will take place around the middle of 2023 and exhibitors include those connected with textiles, leather, foot ware, handicrafts, carpets, home furnishings, jewellery and wellness products. The dates of the expos will soon be announced.
At the FICCI meeting, Mr. Rahul Singh gave a detailed brief about the ECTA, which is likely to help enhance business and trade relations between Australia and India.
The ECTA signed on 2 April, 2022 and became effective on 29 December, 2023 is a free trade agreement between Australia and India under which 85 per cent Australian exports to India will be tariff free and will climb to 95 per cent in 3 to 4 years. 90 % of Indian exports to Australia will be duty free, which will be 100 per cent in 2 to 4 years.
Under the ECTA Australia is likely to export raw materials to India and India will export finished goods to Australia. Current Australia-India bilateral trade is around $ 27 billion, rising to $ 50 billion in 2 to 3 years. And, ten lakh (a million) jobs are likely to be created in India, as a consequence of the ECTA.
