The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) which was signed on 2nd April 2022 is coming into effect from tomorrow, 29 December 2022. Shri Dhiraj R. Shah, Chairman, SRTEPC informed this as a historic agreement and extends his sincere thanks and congratulate Hon’ble Prime Minister of India His Excellency Shri Narendra Modi for signing this remarkable Economic Cooperation and Trade Agreement with Australia.
Chairman, Shri Dhiraj R. Shah informed that under the Ind-Aus ECTA Indian exports of the entire MMF textiles and technical textiles will get Duty-Free access in the Australian market from the day one of implementation of the ECTA. Currently, Indian exports of MMF and blended textiles and technical textiles face a tariff disadvantage of 5% vis-à-vis competitors in the Australian market such as China, Thailand, Vietnam, South Korea, Japan, Indonesia and Malaysia. The ECTA is removing this 5% tariff disadvantage by providing zero duty market access which will enhance competitiveness of our exports of MMF textiles and technical textiles and boost exports significantly.
He further informed that India and Australia are partners in the trilateral Supply Chain Resilience Initiative (SCRI) arrangement along with Japan which seeks to enhance the resilience of supply chains in the Indo-Pacific Region. The Ind-Aus ECTA will further cement the already deep, close and strategic relations between the two countries and will significantly enhance bilateral trade in MMF textiles segment, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of the two countries. It will give huge fillip to Indian exports not only to Australia but to the entire Ocenia region.
SRTEPC has set up a special Help Desk for its members to assist them on Ind-Aus ECTA. SRTEPC is also organising jointly with FIEO and GJEPC outreach Programmes in Mumbai and Surat to give wide publicity and industry awareness about the Ind-Aus ECTA. Chairman, Shri Dhiraj R. Shah requests the government, DGFT for rationalizing the application procedures and formalities for helping the exporters to take full advantage and benefits of the Ind-Aus ECTA. He also suggests that DGFT along with EPCs may conduct outreach programmes on the application procedures and formalities of the Ind-Aus ECTA for the benefit of the industry.
Chairman urged the entire Indian exporting community dealing with MMF textiles and Technical Textiles to take advantage of the emerging opportunity of zero duty market access in Australia under the India-Australia ECTA and increase exports to Australia and to the entire Ocenia region.
