India, Australia free trade agreement to come into force from Dec 29


PTI, Nov 30, 2022, 2:46 PM IST

Representative Image (Source: Pexels)

New Delhi: The free trade agreement between India and Australia will come into force from December 29, a move which will help in almost doubling the bilateral commerce to USD 45-50 billion in around five years.

”The (Anthony) Albanese government welcomes confirmation today that the Indian Government has completed its domestic requirements to enable implementation of the Australia-India Economic Cooperation and Trade Agreement (ECTA),” Australian Minister for Trade and Tourism Don Farrell said in a statement on Wednesday.

”This trade agreement will deliver new market access opportunities for Australian businesses and consumers from 29 December 2022,” it said.

The agreement, which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.

Labour-intensive sectors which would gain immensely include textiles and apparel, few agricultural and fish products, leather, footwear, furniture, sports goods, jewellery, machinery, and electrical goods.

Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one. This covers many products that currently attract 4-5 per cent customs duty in Australia.

India’s goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Mangaluru: Three drug peddlers arrested; ganja, car worth over Rs 32 lakh seized

Karnataka industry hails Union budget as development, infrastructure-oriented one

Sitting MLA spreading false information to public: Bava

At least 2 killed, 19 rescued as avalanche hits ski resort in Jammu and Kashmir’s Gulmarg

CM, BJP leaders hail Union Budget 2023-24

FM proposes ‘risk-based’ KYC instead of current ‘one size fits all’ approach

TV, mobile to be cheaper; Gold, cigarette, imported cars to be dearer


Related Articles More

Boeing bids farewell to an icon, delivers last 747 jumbo jet

Adani Group acquires Haifa port for $1.2 bn, Israeli PM Netanyahu lauds deal as ‘enormous milestone’

Pakistan mosque blast toll rises to 100

NSA Doval meets Chairman of Joint Chiefs of Staff General Milley in US

Heritage Hindu temple defaced with anti-India graffiti in Canada

MUST WATCH

Another dead body found at Charmadi Ghat

voting boycott continued in mudigere assembly

Kollur Mookambika to get new Ratha after 400years

Villagers election boycott warning for road

Sand art | Malpe Beach Uthsava 2023 | Udupi – Udayavani


Latest Additions

Union Budget stands to benefit all sections of society: Thakur

Mangaluru: Three drug peddlers arrested; ganja, car worth over Rs 32 lakh seized

Budget ‘anti-people’, ‘opportunistic’: Mamata

Maha: Ganja worth Rs 35 lakh seized in Mumbai, 4 arrested

Union Budget ‘progressive’; ticks all boxes, powers India’s growth drive: Scindia

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.