ENA Knowledge Resource 2022-11-15 08:38:25 <p><span style="font-size:14px"><strong>New Delhi, Nov 15 (KNN)</strong> Buyers are waiting for the India-Australia Economic Cooperation and Trade Agreement (ECTA) to be ratified by the Australian Government so that tariff benefits may flow to them, said Dr A Sakthivel, President, Federation of Indian Export Organisations (FIEO).</span></p> <p><span style="font-size:14px">Currently the Export body is participating in the International Sourcing Expo in Melbourne with over 140 Indian companies.</span></p> <p><span style="font-size:14px"><strong><a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></span></p> <p><span style="font-size:14px">Supported by AEPC, CLE and HEPC this is the biggest participation by Indian exhibitors in Australia.</span></p> <p><span style="font-size:14px">Describing the enthusiasm of Indian exhibitors and more importantly from the serious buyers from Australia, Sakthivel said that it is clearly an indication that the ECTA between the two countries will be extremely successful.</span></p> <p><span style="font-size:14px">We are also aiming to raise the participation to over 200 companies in the next edition of the show, he added. </span></p> <p><span style="font-size:14px">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, said the chief.</span></p> <p><span style="font-size:14px">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, he said.</span></p> <p><span style="font-size:14px">Engineering, Electronics, Auto components, Pharma, Gems &amp; Jewellery, Apparel, Made ups, Leather, Handloom and Handicrafts are set to gain post ECTA.</span></p> <p><span style="font-size:14px">Education, IT &amp; ITES, Tourism and Health are the services which are likely to grow with joint venture opportunities as well.</span></p> <p><span style="font-size:14px">Indian manufacturing and exports will also be benefited from duty free imports of coal, alumina, manganese ore, copper, bauxite and non-ferrous metals etc. <em><strong>(KNN Bureau)</strong></em></span></p> 31200 https://knnindia.co.in/news/newsdetails/knowledge-resource/buyers-await-india-australia-ecta-ratification-by-aussie-government-for-tariff-benefits 2022-11-15 08:38:25 knnindia.co.in