From 29 December India, Australia Economic Cooperation and Trade Agreement comes into force

India, Australia Economic Cooperation and Trade Agreement comes into force from 29^th Dec. India and Australia signed the Economic Cooperation and Trade Agreement (ECTA) on the 2nd of Apr 2022. ECTA is that the initial trade agreement of Bharat with a developed country when quite a decade. The agreement encompasses cooperation across the complete gamut of bilateral economic and business relations between the 2 friendly countries.

Under this trade agreement, Indian exports can get pleasure from advantageous zero-duty market access in Australia for a hundred per cent of its tariff lines. It’ll profit India’s labor-intensive sectors like gems and jewelry, textiles, leather, furniture, food and agricultural merchandise, engineering merchandise, and medical devices. India has provided advantageous access to Australia on over seventy per cent of its tariff lines, that square measure primarily raw materials and intermediaries. As a results of this agreement, 10 lakh jobs square measure calculable to be created within the country. The full bilateral trade is predicted to cross 45 to 50 billion dollar in five years from the present 31 billion United States of America dollar.

ECTA can save Australian exporters around $2 billion a year in tariffs, whereas customers and business can save around $500 million in tariffs on imports of finished product, and inputs to our producing sector.