A stakeholder awareness program on India’s Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) and Economic Cooperation and Trade Agreement (ECTA) with Australia has started in Hyderabad with some Union Ministers and Senior Officials emphasizing CEPA and ECTA’s potential to increase exports and create thousands of new jobs in the country.
The agreements take the bilateral partnership with the United Arab Emirates and Australia to the next level, Union Minister of State for Trade and Industry Anupriya Patel said on Saturday evening. Urging the industry to make the most of the opportunities, she said, since it would be possible when the stakeholders were made aware of the details, the ministry decided to carry out the outreach program in several major cities starting with Hyderabad, with export promotion councils such as Pharmexcil.
As one of the leading exporters and known for its strengths in pharmaceuticals, engineering products, electronics, chemicals and minerals as well as agricultural products, Telangana stands to benefit from the deals, it said. she stated. Assuring “help in every way possible” to increase the state’s exports, she appreciated Telangana’s implementation of the ministry’s Districts as Export Hubs initiative. Noting that Prime Minister Narendra Modi had spoken about the project, she said district export promotion councils had been formed in 33 districts of the state.
“Telangana has huge potential, that’s why we came here to make sure we’re here, [to] ownership and I want you to do more to make India self-reliant,” Ms Patel said.
While the CEPA with the UAE is due to come into force on May 1, it would take a few months for the ECTA to be operationalized in view of the elections in Australia. Apart from facilitating a big jump in bilateral trade, the two deals are expected to create 10 lakh jobs each. Noting that India is seen as a trusted partner and that reaching agreements will allow for better integration into global supply chains, she said that free trade agreement negotiations with the European Union, the UK, Canada and the Gulf Cooperation Council and Israel were ongoing with a few to be finalized this year.
Minister of Tourism, Culture and Union Development of the North East Region, G. Kishan Reddy, said that under the leadership of Mr. Modi, the country has made rapid progress on the development front. exports and has become known for its quality, reliability, scale as well as its emphasis on entrepreneurship and Make in India.
Joint Secretary of the Center’s Commerce Department and Chief India-UAE CEPA Negotiator, Srikar K. Reddy, who is also Nodal Officer for Telangana, said concessions granted under the deal will benefit the India through imports.
The Department’s additional secretary and chief India-Australia ECTA negotiator, Amit Yadav, said more than 400 stakeholder consultations had been carried out to ensure that “what we get is the best for the country. , the industry…we made sure the sensitivities were taken into account.”
Telangana Industries and IT Secretary Jayesh Ranjan said forums to address issues faced by the state over rail connectivity, Food Corporation of India and Central Warehousing Corporation were needed.