India - Australia Economic Cooperation and
Trade Agreement will come into force from tomorrow. India and Australia
signed the Economic Cooperation and Trade Agreement (ECTA) on the 2nd
of April this year. ECTA is the first trade agreement of India with a
developed country after more than a decade.
AIR correspondent reports that the agreement encompasses cooperation
across the entire gamut of bilateral economic and commercial relations
between the two friendly countries.
Under this trade agreement, Indian exports will benefit from
preferential zero-duty market access in Australia for 100 percent of its
tariff lines. It will benefit India’s labour-intensive sectors such as
gems and jewellery, textiles, leather, furniture, food and agricultural
products, engineering products, and medical devices.
On the other hand, India has provided preferential access to Australia
on over 70 percent of its tariff lines, which are primarily raw
materials and intermediaries.
As a result of this agreement, ten lakh jobs are estimated to be created
in the country. The total bilateral trade is expected to cross 45 to 50
billion dollar in five years from the existing 31 billion US dollar.
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(With input from news agency language)
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