Coimbatore (TN), Apr 2 (PTI) Industries body Tirupur Exporters’ Association (TEA) on Saturday said the signing of India-Australia Economic Cooperation Trade Agreement will help reach the export target of USD 1 trillion by 2030.

TEA president Raja M Shanmugham in a statement said the knitwear exports from Tirupur to Australia, which was Rs 630 crore last financial year, is expected to double in next two years, with the signing of the agreement.

In a virtual ceremony on Saturday, India-Australia Cooperation and Trade Agreement (IndAus ECTA) was inked by Union Minister for Commerce and Industry Piyush Goyal and Australian Minister for Trade Dan Tehan.

Tirupur knitwear cluster having 54 per cent share of exports achieved USD 4.25 billion, with 1.06 per cent contributed from the micro, small and medium enterprises sector, Shanmugham noted.

India’s knitwear exports to Australia is estimated at Rs 925 crore in the financial year 2021-22 and the signing of the pact would help increase the shipment to that country, he said.

The TEA president expressed confidence that the cluster units would grab the opportunity following the signing of the agreement, and extended his gratitude to the Centre. 

Published On : 02-04-2022

Source : The Print