Mon, 23 May 2022

Bengaluru (Karnataka) [India], May 13 (ANI): Exports play a crucial role in realising Atmanirbhar Bharat, said Union Minister of Parliamentary Affairs, Coal and Mines Prahlad Joshi on Thursday.

The Union Minister was addressing the outreach Programme on the India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) organized by the Department of Commerce in Bengaluru.

Joshi, who was the Chief Guest at the event highlighted the various initiatives and reforms being undertaken by the Government of India to further improve the ease of doing business, the significant milestones achieved in the form of the record-high annual exports of goods and services in the current year of around USD 674 billion, and finally delineated the immense advantages of the state of Karnataka.

The Department of Commerce, Government of India, in coordination with the Industries and Commerce Department, Government of the State of Karnataka, the Services Export Promotion Council (SEPC), and other Apex Industry Bodies, Export Promotion Councils, Local Chambers of Commerce and Industry, organized a Stakeholders' Outreach Programme on India-UAE CEPA and India-Australia ECTA in Bengaluru on Thursday.

According to the Ministry of Commerce and Industry, State outreach programmes are part of a series of concerted and coordinated efforts being made by the Department of Commerce, Government of India, to sensitize and create awareness amongst exporters across the country on the conducive platform and the favourable trade ecosystem that is being created with the conclusion of these landmark trade agreements with partner countries exhibiting significant trade complementarities with India.

This particular outreach event was exclusively meant for local industry and exporters, particularly from the MSME sector, in the state of Karnataka. Given the importance of the event and the potential for immense benefits for the industry participants, the event witnessed the participation of over 200 businessmen from the State of Karnataka, cutting across industry segments and sectors, said the ministry.

Addressing the occasion, Abhay Sinha, Director General, Services Export Promotion Council (SEPC) provided an overview of the two recently concluded landmark trade agreements, viz., India-UAE Comprehensive Economic Partnership Agreement (CEPA) and India-Australia Economic Cooperation and Trade Agreement (ECTA) and succinctly highlighted the benefits that can accrue to the exporters from the State of Karnataka.

Darpan Jain, Joint Secretary, Department of Commerce, delivered a comprehensive presentation, which elaborated on the various aspects of the trade agreements and explained in detail the concessions on goods and services exchanged by India with the UAE and Australia, measures incorporated for facilitation of bilateral trade, safeguards that have been placed to protect the Industry, and projected gains in exports, GDP, and employment across various sectors, particularly the labour-intensive ones.

E.V. Ramana Reddy, Additional Chief Secretary, Government of Karnataka, provided an overview of the Industrial profile of Karnataka and also spoke about the huge latent potential of the State, which is already a powerhouse of IT/ITES, ranking first in the country in IT/ITES exports.

He also expressed optimism at the prospect of the State deriving benefits from these Trade Agreements on the back of its own immense advantages. He shared a statistical snapshot of Karnataka, including an overview of the macroeconomic indicators, external sector performance, and a summary compilation of top goods and services exported from the state. (ANI)

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