Commerce Ministry's Rajesh Agarwal On India-Australia's ECTA | NDTV Profit
Commerce Ministry's Rajesh Agarwal On India-Australia's ECTA | NDTV Profit
The India-Australia Economic Cooperation and Trade Agreement is working good for Indian business, says Additional Secretary at the Commerce Ministry Rajesh Agarwal. #ECTA
Read Janani Janarthanan's report: https://bit.ly/48BH0ys
The India-Australia Economic Cooperation and Trade Agreement is working good for Indian business, says Additional Secretary at the Commerce Ministry Rajesh Agarwal. #ECTA
Read Janani Janarthanan's report: https://bit.ly/48BH0ys
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TVTranscript
00:00 The sector has been doing very well for the Indian businesses. We have been seeing an
00:04 upswing in more than 15% of exports from India this year. On preferential lines it has been
00:10 more than 17% showing that these lines are working well. I think we are doing well in
00:15 all the sectors, 16 odd sectors out of 22 where Indian businesses are doing well there.
00:20 There is auto components where we are growing by 32% this year. Whether it is even in other
00:27 sectors like textiles also in some of the areas we are growing this year which has not
00:31 been the case. We are growing by 7% this year in exports. With regards to if you look at
00:37 the context of our overall export to the world I think we are doing much better in Australia
00:42 indicating that Ekta is working good for Indian businesses.
00:46 We were privy to some extensive and exhaustive research, in fact an analysis that in fact
00:50 even in electronic goods and RMG textiles there has been significant growth. What are
00:55 some other commodities you think India could do better following this review that you think
00:59 we could also ramp up further?
01:01 I think one is engineering goods where we got around 5% duty advantage under Ekta. That
01:06 is one area which again is growing well this year. This has been doing well. The early
01:11 signs are that we have grown the first eight, seven months I think we have grown by around
01:16 7% and we hope in the remaining five also we will do well and we will keep on building
01:20 up on this to see that the unique advantages of FTES is actually leveraged by the Indian
01:28 businesses.
01:29 Before I let you go, one last question. At the same time right now we have the SIPA,
01:33 the India-Australia SIPA that is ongoing. How is it distinguishing from the Ekta and
01:39 when can we hope to hear the next update on SIPA?
01:42 I think the SIPA is about negotiating the remaining elements of the agreement which
01:47 we couldn't do in the early harvest, the Ekta agreement. So some of those elements
01:51 like working on the detailed product specific rules for all the tariff lines wherein we
01:56 have given concessions. That was the work that was left which is being done under SIPA.
02:00 We are also trying to explore new areas of cooperation under SIPA and when it will come
02:06 through and once we are ready to announce, you will come to know. There are multiple
02:10 areas we are negotiating and trying to work on cooperation which have not been done so
02:14 far in many of the FTES.
02:16 [Music]