Tamil Nadu: State Exports To Australia Expected To Rise To $500 Million After Free Trade Agreement

After the dispatch of the maiden cargo consignment to Australia under the newly operationalized Free Trade Agreement (FTA) from Ennore port near Chennai, exporters from Tamil Nadu are upbeat about the increased opportunities.

A Sakthivel, the president of Federation of Indian Export Organisations (FIEO) said that, while the textiles and garments sector would be the main beneficiary from the state, other sectors that can increase their market share in Australia are engineering products, automobile parts, gems and jewellery, leather and non-leather footwear and handicrafts.

Further, he added that the state's export figures to Australia for FY23 have already neared that of FY22 with few months still remaining in the current fiscal year.

While the figure for FY22 was $384 million, the figure for the April to October period in FY23 has already touched $322 million.

With the operationalization of the FTA, the figure is easily expected to reach $500 million this fiscal year, he said.

Also Read: India-Australia Free Trade Agreement Comes Into Force, To Boost Bilateral Trade To $50 Billion In Five Years