companies eye India opportunities CHEMEXCIL trade event

open to the potential of international collaboration.”

India secured two trade agreements in 2022 – ECTA with Australia on 29 December 2022 and the India UAE Comprehensive Economic Partnership Agreement on 1 May 2022. The ECTA provides a mechanism to encourage and improve trade between the two countries and covers almost all the tariff lines between India and Australia along with preferential market access on tariff lines (including all labour-intensive sectors of export interest to India).

India offers preferential access to Australia on over 70 per cent of its tariff lines, including lines of export interest to Australia, which are primarily raw materials and intermediaries such as coal, mineral ores, and wines. Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner.

Mr Mokashi continued: “From a chemical industry perspective, Australia is a good market, especially for dyes and dye intermediates, inorganic, organic, agrochemicals, and castor oil.”

In value terms, the total export performance of the items covered under the purview of CHEMEXCIL to Australia for the year 2021-22 was USD 197.71 million registering growth of 20.79 per cent on the previous year of exports to Australia. Exports of dyes and dye intermediates, accounted for USD 12.16 million; basic inorganic, organic chemicals including agrochemicals accounted for USD 161.06 million; cosmetics, soaps, toiletries, and essential oils accounted for USD 21.25 million; and castor oil accounted for USD 3.24 million.

Mr Mokashi added: “Under the ECTA, import duties applicable in Australia have been reduced to nil on most tariff lines for chemical products, which is a great booster for the outbound shipments from this sector.

ECTA is expected to double bilateral trade in goods and service to about USD 45 billion in the coming five years, according to India’s Commerce and Industry Minister Piyush Goyal. ECTA will further cement strategic relations between the two countries and significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of both countries.

Dr. Sushil Kumar, Consul General of India Melbourne said: “India offers unique business opportunities for Australian companies in a wide range of industries – including chemicals. Business events such as the CHEMEXCIL

India-Australia Chemical Buyer Seller

Meet 2023 are important in fostering relationships in Australia-Indian chemical trade. People to people relationships are key to international trade and business, and this BSM is an excellent face to face platform to grow business.”

Sheba Nandkeolyar, CEO of international marketing partner company MultiConnexions Group and former National Chair of Australia India Business Council said: “ECTA is a watershed moment for the business and trade relationship between Australia and India. Demand for bookings at the CHEMEXCIL’s India-Australia Chemical Buyer Seller Meet 2023 is testament to Australia’s growing interest in doing business with India.”

The CHEMEXCIL’s India-Australia Chemical Buyer Seller Meet 2023 will be held on Thursday 23rd of February 2023 from 9.30am to 6.00pm at InterContinental Melbourne The Rialto. Business visitors can register attendance at https://share. multiconnexions.com.au/chemexcil.

About CHEMEXCIL

CHEMEXCIL was set up by the Department of Commerce and Industry, Ministry of Commerce & Industry Government of India in 1963 with an objective of promoting chemical exports from India to overseas. CHEMEXCIL works with Industry and Government to formulate exportoriented policies and a favourable environment to boost exports from India. It is a source of information for buyers sourcing these products from India.

W: https://chemexcil.in/