India-Australian ECTA a win-win for both countries, labour intensive manufacturing sector to boost: FIEO

New Delhi, April 2 (KNN) India-Australia Economic Cooperation and Trade Agreement (ECTA) will be a win-win for the countries and it will boost India’s labour-intensive manufacturing sector, said Dr A Sakthivel, President, FIEO.

He said sectors such as pharma, apparel & textile, engineering, automobile & auto components, gemstone and jewellery will enjoy considerable advantage.

It will boost trade and investment further cementing economic ties between India & Australia, Sakthivel added. 

The ECTA was signed on Saturday marking a major step towards lifting their economic relationship to the next level.

This agreement is expected to be followed by a Comprehensive Economic Cooperation Agreement (CECA) by year-end and early next year.

It will open new pathways for greater cooperation between the two countries in the economic space and will be instrumental in developing and expanding bilateral trade, said FIEO. 

Australia is at present India's largest export destination in the Oceania region and is amongst the top 15 export destinations. (KNN Bureau)