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India and Australia sign an Economic Cooperation and Trade Agreement

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India and Australia sign an Economic Cooperation and Trade Agreement. Image: Pexels
India and Australia sign an Economic Cooperation and Trade Agreement. Image: Pexels
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India-Australia to sign a historic Economic Cooperation and Trade Agreement (Ind-Aus ECTA), as per the agreement Australia would reduce duties on products with a 100 percent tariff.

The trade agreement is to boost several sectors of the economy, especially textiles, gems and jewellery and pharmaceuticals.

Before going into effect, the deal that the two nations inked in April of this year required to be ratified by the Australian parliament. Piyush Goyal, a union minister, called it a “landmark occasion” and expressed his gratitude to the prime ministers of Australia and India for making it happen. After its implementation, he claimed, the codes and the customs regime will be harmonised.

Anthony Albanese Prime Minster of Australia announced on twitter “Our Free Trade Agreement with India has passed through parliament”

 

https://twitter.com/albomp/status/1594924573970964480

Here are some implications of the FTA for Australia and India:

  1. The prospects and advantages of more open trade with India will soon be available to Australian exporters, firms, employees, and consumers once the FTA agreement is put into effect.
  2. The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) will become effective 30 days (or at a later date mutually agreed upon) after each party has confirmed in writing that all domestic conditions have been satisfied.
  3. Following ratification, India and Australia will decide when to put the agreement into effect. A day before to that day, customs authorities will also issue a notification.
  4. FTA will give Australian companies access to a new market where they can contact the 1.4 billion customers of the world’s fastest-growing major economy.
  5. When it is put into effect, the agreement will give India’s over 6,000 major industries—including textiles, leather, furniture, jewellery, and machinery—duty-free access to the Australian market.
  6. Additionally, Australia has provided zero-duty access to India since day one for almost 96.4% of exports (measured by value). This applies to a wide range of goods that are now subject to a 4%–5% customs charge in Australia.
  7. The pact would mostly help the textile and garment industries, a few agricultural and fishery items, leather, footwear, furniture, sporting goods, jewellery, machinery, electrical goods, and railroad carriages.

In a nutshell, the India-Australia ECTA will strengthen the two nations’ already solid, strategic relationships, dramatically increase their bilateral commerce in commodities and services, generate new job opportunities, boost living standards, and generally promote the welfare of their respective populations.

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GEODIS sign a Standalone Customs Brokerage contract with ARKEMA

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GEODIS sign a Standalone Customs Brokerage contract with ARKEMA. Image: GEODIS
GEODIS sign a Standalone Customs Brokerage contract with ARKEMA. Image: GEODIS
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A leader in Specialty Materials, ARKEMA has extended its partnership with GEODIS, signing a Standalone Customs Brokerage contract to provide both import and export customs clearance services across 15 countries in Europe.

One of the key objectives set by ARKEMA was to centralize the management of customs operations at European level with “best in class” customs processes. GEODIS responded with its digital customs solution which enables to improve trade compliance and security of ARKEMA’s Supply-Chain through its web portal, IRIS.

The resulting contract confirms both parties’ intention and mutual trust in building a long-term relationship reports Jérôme Chadeau, SVP Vertical Market Industrial at GEODIS. “The centralization of our client’s customs brokerage practices in Europe will contribute to improve regulatory compliance and operational efficiency in all the countries where ARKEMA’s subsidiaries, business units and production sites are located. This model allows for better control over customs activities across Europe, simplified and flexible customs operations management, and increased capability to monitor compliance and efficiency of customs operations” he said.

ARKEMA is structured into 3 complementary, resilient and highly innovative segments dedicated to Specialty Materials – Adhesive Solutions, Advanced Materials, and Coating Solutions – accounting for some 91% of Group sales in 2022, and a well-positioned and competitive Intermediates segment. The blending of these operational divisions helps create strong in-house synergies in terms of innovation.

Jean-Marc Viallatte, VP Supply Chain Group at Arkema explains the advantages of this corporate approach: “It offers us an outstanding ability to serve our customers in an attractive and diverse growing market. We have built on and continue to exploit our unique expertise in materials science to design materials addressing the ever-growing demand for innovative and sustainable materials. We therefore require a logistics partner who can provide flexible yet comprehensive customs brokerage services that are intelligent enough to adapt to the multi-faceted and ever-changing regulatory environment we see in Europe. With GEODIS, we are sure we have found such a partner.”

GEODIS’ customs brokerage solution offers fast and secure customs clearance processing for ARKEMA’s international shipments, with 360° visibility and control of customs flows. Through its IRIS digital platform KPIs, dashboards and customized reports on compliance topics tailored to ARKEMA’s specifications are shared on a dedicated SharePoint.

Planned development of the partnership include plans to achieve the smooth integration of electronic data interchanges (EDI) into Arkema’s transportation management system, which will reinforce existing real-time tracking tools.

The awarding of this contract in Europe follows the recent celebration by GEODIS on receiving the ‘Strategic Carrier of ARKEMA China Award’ in 2023. This was granted in recognition of concerted efforts by GEODIS to reinforce the client’s supply chain strategy in the region in 2022 and marks the third consecutive year in which GEODIS has been honored in such a way.

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USAID and PepsiCo Egypt sign a memorandum of understanding to support Egyptian farmers

The U.S. Government through the U.S. Agency for International Development (USAID)
signed a Memorandum of Understanding with PepsiCo Egypt.

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USAID and PepsiCo Egypt sign a memorandum of understanding to support Egyptian farmers
USAID and PepsiCo Egypt sign a memorandum of understanding to support Egyptian farmers. Image: Pixabay

The U.S. Government through the U.S. Agency for International Development (USAID)
signed a Memorandum of Understanding with PepsiCo Egypt to expand cooperation between USAID and PepsiCo’s subsidiary Chipsy for Food Industries to improve farmer livelihoods.

Specifically, the joint program will increase transparency and sustainability in the potato supply chain. Mr. Thomas Goldberger, U.S. Chargé d’Affaires; Mr. Mohamed Shelbaya, CEO of PepsiCo Egypt; and Ms. Sherry Carlin, the USAID Mission Director in Egypt participated in the event.

“This is a prime example of how USAID partners with the private sector use to market-driven
approaches to tackle development challenges,” said Goldberger.

This partnership will increase rural farmers’ incomes by establishing reliable market linkages, increasing crop quality and yield, and helping farmers progress toward internationally-recognized standards for sustainable agricultural practices.

“It is a great honor and pleasure to sign a protocol with USAID as they are contributing to the stability and prosperity of Egypt through accessible and effective programs,” said Shelbaya.

“Agriculture is a vital part of Egypt’s economy, and PepsiCo Egypt aims to directly engage with individual farmers to promote innovation, knowledge transfer, and agricultural best practices while ensuring increased productivity and quality,” added Shelbaya.

This partnership is part of USAID’s ongoing support to Egypt’s agricultural sector, which is helping farmers in Upper Egypt become more self-reliant by establishing connections to domestic and international markets, gaining access to finance, and increasing adherence to food and safety practices.

PepsiCo Egypt aims to positively impact on Egypt’s farming communities through initiatives such as its locally grown seeds program, which ensures higher quality potatoes and better agronomy yield while creating a qualified sustainable agriculture supply chain in the Egyptian market. Through this program, PepsiCo Egypt is able to produce 100% locally sourced chips, which contributes to the reduction of import costs.

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