In his speech at EEPC India’s 37th Western Region Awards presentation, the minister added that the FTA is being signed to provide better market opportunities for the country’s export community.
“We have signed FTAs with many of our major trading partners: the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius, the Comprehensive Economic Cooperation Agreement (CEPA) with the UAE, and the United Arab Emirates. has entered into an Economic Cooperation and Trade Agreement (ECTA) with Australia, all aimed at providing better market opportunities for the export community.
Referring to the government’s recent decision to remove export duties on certain steel items, Patel said the move would give a boost to the domestic steel industry and boost exports.
EEPC India Chairman Arun Kumar Galodia said the ongoing fiscal second half will see the global geopolitical and economic scenario currently somewhat clouded by the war between Russia and Ukraine and economic instability in Northeast Asia. and Europe.
“Despite a marked recovery in engineering exports in 2021-22, some threats are still visible. Uncertainty from the pandemic has not yet completely disappeared. Geopolitics in some regions Oil prices have risen alarmingly while global issues add fuel to the threat,” he noted.
He added that the export community is currently facing several domestic issues that could impede future export growth. In May, we submitted a set of recommendations for the government’s consideration,” the chair said, adding that the growth of the engineering sector is expected to help India rank among the top three G20 countries by GDP.