Trade Agreements with UAE, Australia Will Develop Economic Growth: Indian FM Nirmala Sitharaman

According to the latest statement released by Indian Finance Minister Nirmala Sitharaman, the nation’s trade agreements with UAE and Australia will pave the way for economic development.

At the stakeholders' outreach program on India-UAE CEPA and India-Australia ECTA here, Nirmala Sitharaman stated that awareness events about these agreements are taking place across the nations. 

She also added that the Director-General of Foreign Trade (DGFT) has been instructed to translate the data of the trade agreements into Tamil and forward them to the media and stakeholders.

Tamil Nadu maintains a strong relationship with the leather industry that has been modernized, according to Sitharaman, as she proceeded to add that Tamil Nadu has been a leader in trade for a long time. Indian FM also addressed major UG giants about the ample opportunities of India..

She requested pioneers to be aware of the features of these agreements and utilize them in the best way.

“If there is any requirement or support in terms of agreement you want from us, you can ask for it freely”, she added.

“The industries should prepare themselves to fulfill the changing needs and preferences of consumers after the Covid-19. Approach the available markets that are an essential part of the agreement,” she added.

According to Sitharaman, during the last visit of Prime Minister Narendra Modi to UAE some years back, the royal family committed to investing $75 billion in India. Earlier, Indian FM Nirmala Sitharaman discussed the global economic outlook with the US Treasury Chief.  

Apart from this, Sitharaman also informed about signing a formal agreement, and the pioneers are required to stabilize their business to avail a share from the investments.

“We are currently subject to one country for APIs (active pharmaceutical ingredients). Thereby a sufficient investment is required to be made after a deep analysis. I urge the state government to approach raw material producers to invest here. We should stop our dependency on other countries for raw materials. Backward & forward industries need support from the governments.”

About the trade agreement with Australia, Sitharaman explained that it’s for the development of the Indo-Pacific economy.

While multiple complexities exist due to the Russia-Ukraine war, there are also big opportunities since they are good in exports, she added.

Speaking at the event, Union Minister of State for Commerce and Industry, Anupriya Patel explained all endeavors are being performed to reach out to the stakeholders across the country to state the details of trade agreements.

“The India-UAE trade agreement was completed in record time. India is the second-largest trading contributor to the UAE. This comprehensive agreement between the two nations will stream out the extensive opportunities. A huge extension is waiting out there along with so many employment opportunities. Bilateral trade will double in the upcoming five years.” Patel explained.

“The India-Australia agreement indicates the zeal of other developed economies to associate with India.” She explained.

Union Minister of State for Fisheries, Animal Husbandry & Dairying, L. A Murugan appreciated the Department of Commerce and Industry for bringing an awareness event in Chennai. 

“We are performing immense exports in the marine industry. For the very first time in history, an amount worth 20,000 crores was sanctioned for fisheries under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) by Nirmala Sitharaman,” he stated.

Murugan also said that Rs 7500 crore was announced for fisheries infrastructure growth by Sitharaman. 

Apart from the complexities imposed by the pandemic, India’s maritime sector witnessed development, Murugan explained, adding that seafood exports will reach Rs 1 lakh crore before 2025.

Tamil Nadu Minister for MSME, T.M. Anbarasan, Consul General of Australia, Chennai, Sarah Kirlew, industry influencers from multiple sectors, and other stakeholders participated in the event. 

Other news

• 28.03.2023

  World Trade Board Endeavors To Increase SMEs Access To Trade And Finance

• 23.03.2023

  Euromoney Named SABB As Market Leader In Trade Finance In Saudi Arabia

• 16.03.2023

  ITFA Introduced New Fraud Prevention Working Group in Trade Finance

• 14.03.2023

  ING Rigids Oil And Gas Funding To Include Trade Finance, Midstream

• 10.03.2023

  Japan Joins WTO Trade Arbitration Alternative To Resolve Disputes

• 08.03.2023

  Indonesian Bank Streamlines Trade Finance Processing With Surecomp

• 02.03.2023

  Sri Lankan Banks Secures $400 Mn Financing From IFC

• 28.02.2023

  UK Cities Plans to Lay Out Fintech Hubs To Drive Innovation

• 25.02.2023

  With the debt of €5.2m Marco Polo Network Operations declared as insolvent!

• 18.02.2023

  Colombia Signed Deal With Venezuela To Improve Trade