India Inc hails India-Australia FTA


PTI, Nov 23, 2022, 9:42 AM IST

Representative Image (Source: Pexels)

New Delhi: The India-Australia Economic Cooperation and Trade Agreement passed by the Australian parliament will provide diverse opportunities for businesses from both nations, India Inc said on Tuesday.

”The agreement, once implemented, will provide duty-free access to the Australian market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery,” industry body CII said.

With the trade agreement, cheaper raw material imports and intermediate goods will help India become more competitive in other markets. It will also help Indian consumers get goods and services at competitive prices and industries open job opportunities for Indian students studying there, it added.

According to CII, the IT sector will be the biggest beneficiary of the pact.

”The FTA will also provide a big boost to the pharmaceutical industry in India. Medicines, which have gone through the rigorous approval process by USA & UK, will now have fast-tracked mechanism to get approval in the Australian Regulatory system,” it added.

FICCI Director General Arun Chawla said this agreement will open doors to opportunities across diverse areas like mining and minerals, pharmaceuticals, healthcare, education, clean energy, transportation, gems and jewellery, tourism and textiles, generating about a million jobs in India.

There are also excellent prospects for collaboration between India and Australia in some critical areas like space and defence, critical minerals and related technologies, water resources, training and education, circular economy, and cyber technologies, he added.

Assocham Secretary General Deepak Sood said the FTA would lead to enhanced trade and investment between the two major economies of the world, scaling opportunities for increased employment in several job-oriented sectors, such as textiles, leather, gems and jewellery, sports goods and engineering.

India and Australia would now implement the free trade agreement on a mutually agreed date as the Australian Parliament on Tuesday approved the pact between the two countries.

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

Top News

Non-updation of biometrics of children above 7 yrs age may lead to Aadhaar deactivation

Nipah: 675 persons in contact list; 82 samples from Malappuram negative, says minister

Man held for defaming entrepreneur on WhatsApp in Surathkal

Heavy rain lashes coastal Karnataka; orange alert issued for July 16

Yemeni man lives 14 years with bullet in skull, undergoes rare surgery in Bengaluru

CM Siddaramaiah, Shivakumar welcome Shubhanshu Shukla’s return to Earth

Injured England off-spinner Bashir ruled out of remainder of Test series against India

Related Articles More

Stock markets cut short four-day decline; Sensex rises 317 pts on gains in auto, pharma shares

ED raids in ‘dabba trading’, online betting case in Mumbai

BSE building in Mumbai gets bomb threat, turns out to be hoax

Sensex, Nifty fall for 4th day on selling in IT shares, foreign fund outflows

Indian exports to US to be more competitive after tariff hike on China, other countries: Niti Aayog

MUST WATCH

Agriculture Technology | Farming

Beluru Chennakeshava History

Sri Ranganathaswamy Temple

Lady Goschen Hospital | Milk bank

Cashier steals gold deposited by customers

Latest Additions

Non-updation of biometrics of children above 7 yrs age may lead to Aadhaar deactivation

Nipah: 675 persons in contact list; 82 samples from Malappuram negative, says minister

Man held for defaming entrepreneur on WhatsApp in Surathkal

Heavy rain lashes coastal Karnataka; orange alert issued for July 16

Yemeni man lives 14 years with bullet in skull, undergoes rare surgery in Bengaluru

Thanks for visiting Udayavani

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