India-Australia FTA applicable from Dec 29; bilateral trade expected to cross $50 bn in 5 years

ENA Knowledge Resource 2022-12-01 07:37:48 New Delhi, Dec 1 (KNN) The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will come into effect from December 29, 2022. It is expected that with this agreement, the total bilateral trade will cross USD 45-50 billion in 5 years from existing USD 31 billion. Both the countries are complementarities in its trade opportunities. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> The agreement will enter into force 30 days after this exchange of written notification between India and Australia in accordance with Article 14.7 of the agreement. Post signing of Ind-Aus ECTA on April 2, 2022 and completion of the ratification processes and the necessary domestic requirements, including internal legal procedures, India and Australia has exchanged written notifications. The India-Australia ECTA and the provisions thereof which has been arrived at after extensive consultations with all relevant stakeholders, will further cement the already deep, close and strategic relations between the two countries and will significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of the two countries. Industries, businesses, students, professionals etc., in both the sides are eager to avail the opportunities arising through this agreement. It will also promote people to people contact between the two democracies. Duties on 100 percent tariff lines are to be eliminated by Australia under the agreement. Hence it will help in resilient supply chain wherein cheaper raw materials and intermediate products from Australia will be made available to make our finished product competitive. It is estimated that an additional 10 lakh jobs would be created in India under ECTA. Indian Yoga teachers and chefs are set to gain with the annual visa quota. Over 1 lakh Indian students would benefit from post-study work visa (1.5-4 years) under the ECTA. The agreement is also likely to increase investment opportunities, promote exports, create significant additional employment and facilitate strong bonding between the two countries. Australia is an important strategic partner of India. They are also part of the four nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF). (KNN Bureau) 31394 https://knnindia.co.in/news/newsdetails/knowledge-resource/india-australia-fta-applicable-from-dec-29-bilateral-trade-expected-to-cross-50-bn-in-5-years 2022-12-01 07:37:48 knnindia.co.in India-Australia FTA applicable from Dec 29; bilateral trade expected to cross $50 bn in 5 years