Union Minister of Commerce and Industry Piyush Goyal has said that Australian Commerce Minister Dan Tehan will be visiting India this month. He also said that the Economic Partnership and Trade Agreement (ECTA) will be introduced in Parliament soon.
Goyal said that Dan Tehan will be visiting India this month, having discussed with him many times in the past. They have assured us during the WTO meeting that they are satisfied with the arguments of the Australian side and the results of the Free Trade Agreement (ECTA) and are going to introduce it to Parliament soon. Responding to a question on trade and economic engagement with Australia in San Francisco, the Union Minister, who is visiting the US, said that I have been told that a possible timeline from Australia has been kept by the end of this year.
The economic cooperation and trade agreement was signed in April
Let us inform you that on April 2, 2022, during a virtual program, Piyush Goyal and Dan Tehan signed the Economic Cooperation and Trade Agreement (Ind-Aus ECTA) between the two countries in the presence of Prime Minister of India Narendra Modi and Prime Minister of Australia Scott Morrison. Were. Under this agreement, it has been said to provide zero-duty access to 96 percent of the products exported from India. Under this, things like engineering goods, gems and jewelry, textiles, textiles, and leather will come.
Bilateral trade between the two countries is expected to be between 45 and 50 billion dollars in five years.
The bilateral trade in goods and services between the two countries is expected to grow to $45-50 billion in the coming five years after the agreement comes into force. At the moment it is $27 billion. Under this agreement, 85 percent of the export items of Australia will also be given duty-free access to the Indian market. These items include sheep meat and wool. Apart from this, there has also been talking of levying less duty from India on Australian wine, almonds, pulses, and some special fruits.
The goal is to bring 100% of the goods exported from India under the purview of zero-duty access.
According to the agreement, 100% of the goods exported from India are to be brought under zero-duty access within the next five years. India and Australia’s strong bilateral ties in recent years have led to major and positive changes in the trade between the two countries in recent years. The friendly relations between the two countries, it is improving day by day. The Comprehensive Strategic Partnership between India and Australia began during the virtual summit of politicians from India and Australia. During this, it was emphasized that the economic and trade partnership between India and Australia would mutually benefit both countries. This will further deepen the bilateral ties of both countries.
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