New Delhi, Mar 3 (KNN) India’s exports to Australia will be tariff and quota free within a span of six years, said former Australian Prime Minister Tony Abbott on Thursday in New Delhi.

He expressed confidence in the India-Australia Economic Cooperation and Trade Agreement (ECTA) and called it one of the best deals for India.

“It's the best trade deal that India has done with any major economy. About 90 per cent of Australia's exports to India are to be tariff and quota-free. Within six years, 100 per cent of India's exports to Australia will be tariff and quota-free,” Abbott said during an interaction organised by the India-Australia Strategic Alliance.

India’s imports from Australia amount to USD 17 billion, while exports are worth USD 10.5 billion, the ministry of commerce & industry said in a statement in January.

The agreement is estimated to benefit various labour-intensive Indian sectors currently subjected to a 5 per cent import duty by Australia.

“The agreement will result in immediate market access at zero duty to 98.3 per cent of tariff lines, accounting for 96.4 per cent of India’s exports to Australia in value terms. The remaining 1.7 per cent lines are to be made zero-duty lines over five years. Overall, Australia is offering duty elimination on 100 per cent of its tariff lines,” the ministry’s statement has said.

The ministry expects the total bilateral trade to cross USD 45-50 billion by 2035.  (KNN Bureau)