The agreement came into force on July 15 this year.
“The total trade trajectory is expected to expand from USD 58 billion in 2025-26 to USD 115 billion by 2030, along with the possible creation of 7-10 lakh new employment opportunities,” it said.
However, the chamber said that for India to realise this massive potential, sustained competitiveness is crucial as Indian businesses will need to meet product quality, certification requirements, Rules of Origin compliance, and international sustainability standards.
Ease of doing business reforms and continued investments in infrastructure and supply chain will hold the key to meeting these criteria, Asocham President Nirmal K Minda said.
Minda said that the engineering goods sector is expected to benefit from the agreement, thus providing an impetus for MSME growth and ultimately job creation. PTI