The India-Australia Chemical Buyer Seller Meet 2023 is set to take place on Thursday 23rd of February, as Australian chemical companies look to take advantage of the Australia-India Economic Cooperation and Trade Agreement (ECTA). The agreement, which became effective in late 2022, offers Australian companies new opportunities for collaboration with Indian exporters of a wide range of products, including dyes, agrochemicals, and cosmetics
With the ECTA now in place, Australian companies are looking to capitalise on the potential for international collaboration, with the CHEMEXCIL (www.chemexcil.in) event attracting strong interest from the Australian chemical industry. The ECTA provides a mechanism to encourage and improve trade between the two countries, with India offering preferential access to Australia on over 70 per cent of its tariff lines, including raw materials and intermediaries such as coal, mineral ores, and wines.
India secured two trade agreements in 2022, the ECTA with Australia on 29 December 2022 and the India UAE Comprehensive Economic Partnership Agreement on 1 May 2022. These agreements are expected to double bilateral trade in goods and services to around USD 45 billion over the next five years.
From a chemical industry perspective, Australia is seen as a particularly attractive market, especially for dyes and dye intermediates, inorganic and organic chemicals, agrochemicals, and castor oil. The ECTA has reduced import duties on most chemical products to nil, which will provide a significant boost to outbound shipments from the sector.
“The ECTA is a “watershed moment” for the business and trade relationship between Australia and India. The high demand for bookings at the CHEMEXCIL event is seen as evidence of Australia’s growing interest in doing business with India”
— Sheba Nandkeolyar, CEO—MultiConnexions
The total export performance of products covered by CHEMEXCIL to Australia in 2021-22 was USD 197.71 million, with a 20.79 per cent increase from the previous year. Exports of dyes and dye intermediates accounted for USD 12.16 million, basic inorganic and organic chemicals including agrochemicals for USD 161.06 million, cosmetics, soaps, toiletries, and essential oils for USD 21.25 million, and castor oil for USD 3.24 million.
The CHEMEXCIL event is being organised under the Department of Commerce and Industry, Government of India—Market Access Initiative, and is supported by the Consulate General of India, Melbourne. It is seen as an excellent platform for growing business, with people-to-people relationships being key to international trade and business.
According to Sheba Nandkeolyar, CEO of international marketing partner company MultiConnexions Group and former National Chair of Australia India Business Council, the ECTA is a “watershed moment” for the business and trade relationship between Australia and India. The high demand for bookings at the CHEMEXCIL event is seen as evidence of Australia’s growing interest in doing business with India.
The CHEMEXCIL India-Australia Chemical Buyer Seller Meet 2023 will take place at the InterContinental Melbourne The Rialto from 9.30am to 6.00pm on Thursday 23rd of February 2023. Business visitors can register their attendance at https://share.multiconnexions.com.au/chemexcil.
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