The forthcoming Free Trade Agreements (FTA) would substantially boost exports from India including exports from the chemicals sector, said 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 said on the sidelines of the 47th 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 further said.
The Minister said that out of the total exports of $770 billion achieved for FY23 the contribution of the chemicals industry 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 said.
CHEMEXCIL, the apex body for organic and inorganic chemicals, said it will focus on the emerging markets concept of renewable chemicals named as “Green Chemicals” as well as bio-based Specialty chemicals and Renewable chemicals.
S.G. Mokashi, Chairman, CHEMEXCIL, said, “CHEMEXCIL would focus on exports to emerging markets.”
He said “Green Chemicals” are gaining the market share in Food Processing, Pharmaceuticals, Textiles, Construction and coating sectors.”
Earlier speaking to members of the industry the Minister said, “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.”