TRADE PACTS WITH AUSTRALIA, UAE

• Various export promotion councils (EPCs) on Wednesday lauded the trade agreements signed by India with the United Arab Emirates (UAE) and Australia, saying the pacts will help India boost exports by granting preferential access to those markets for Indian products.
• Engineering Exports Promotion Council said India had benefited from preferential market access provided by the UAE on more than 97% of its tariff lines which account for 99% of Indian exports to the region in value.
• The India-Australia Economic Cooperation and Trade Agreement (ECTA), which will come into force from December 29, is expected to create 10 lakh jobs, and raise Indian goods exports to Australia by $10 billion.
• Pankaj Parekh, regional chairman, the Gems and Jewellery Export Promotion Council, said the ECTA would help double India’s gem and jewellery exports to Australia, from its current $350 million to $800 million in three years.
• Post the India-UAE CEPA in May, gem and jewellery exports to the region witnessed an overall growth of 20%.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB