FTAs signed with UAE and Australia will speed up economic progress Unio

Chennai: Union Finance Minister Nirmala Sitharaman appealed, ‘The Free Trade Agreements (FTAs) signed with the United Arab Emirates (UAE) and Australia will provide an impetus to the country’s economic growth. The industry sector should reap maximum benefits from this. If they face any problems in this process, they should directly contact the government.’ Finance Minister Sitharaman said that the industry should note that although certain issues have surfaced because of the Ukraine war, new export opportunities have opened up. The Finance Minister spoke at a ‘Stakeholders Outreach Program on Trade Agreements’ function held in Chennai. This is a special initiative by the union government to reach the information regarding the FTAs to the maximum number of people.

The Union Finance Ministry expressed confidence that with this initiative, many connected with export and entrepreneurs will come forward to exploit the potential of the FTAs signed with these countries. The agreements have opened up new markets for the Indian Industry. Sitharaman also appealed that one should be prepared to take their industries to new heights to grab this opportunity.

If exports to these countries are to be increased, it is impossible to depend on someone else for raw materials. The Finance Minister also pointed out that states should provide the necessary assistance to the entrepreneurs for the supply chain of these raw materials. Sitharaman added that the FTA between India and Australia would benefit the two countries and the entire Indo-Pacific region. Meanwhile, Minister of State for Commerce and Industry, Anupriya Patel, said that the bilateral trade between India and UAE would double in the next five years riding on the FTA.

Furthermore, Patel claimed that the FTA signed by Australia with India is a message that the developed countries are now partnering with India.