Union Minister of State for Commerce & Industry Anupriya Singh Patel.
| Photo Credit: PTI
The forthcoming Free Trade Agreements (FTA) would considerably boost exports from India together with exports from the chemical compounds sector, mentioned Union Minister of State for Commerce & Industry Anupriya Patel on April 15.
“The chemicals industry is also benefiting from the two FTAs that we have concluded. Now we are proceeding with our negotiations with U.K., EU & Canada,” she mentioned on the sidelines of the forty seventh CHEMEXCIL EXport Awards in Mumbai.
“By the year-end, we will be able to finalise with a few more countries and they are moving in the right direction because our intention is to create more balanced FTAs which could be favourable to both the countries and provide us as much global access as possible to our exporters,” she added.
“So we are quite hopeful that this year would be good for us in terms of some more FTAs being signed,” she additional mentioned.
The Minister mentioned that out of the whole exports of $770 billion achieved for FY23 the contribution of the chemical compounds business is $30 billion.
“The growth in chemicals export has been quite steady. It is the fastest-growing sector. In 2020-2021 it [exports] was $23 billion and for next year it was $27 billion. Although the target for 2022-23 was $32 billion, they had achieved $30 billion which is pretty good. Chemicals will make huge contribution to the overall exports,” she mentioned.
CHEMEXCIL, the apex physique for natural and inorganic chemical compounds, mentioned it will concentrate on the rising markets idea of renewable chemical compounds named as “Green Chemicals” in addition to bio-based Specialty chemical compounds and Renewable chemical compounds.
S.G. Mokashi, Chairman, CHEMEXCIL, mentioned, “CHEMEXCIL would focus on exports to emerging markets.”
He mentioned “Green Chemicals” are gaining the market share in Food Processing, Pharmaceuticals, Textiles, Construction and coating sectors.”
Earlier talking to members of the business the Minister mentioned, “There are challenges ahead in this fast-changing world and with continued policy support from the Government, the Council and the enterprising exporting community will definitely sustain and also surpass its enhanced momentum in export growth.”
