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

Mangaluru: Child thwarts brazen kidnapping attempt; Caught on CCTV

Independents get feelers from parties as exit polls indicate close race in Himachal

Maha: Nagpur Metro creates record for world’s longest double-decker viaduct

Pakistan’s Election Commission moves to oust Imran Khan as chairman of PTI party

34 killed as mudslide swallows bus on highway in Colombia

Demand of Sirsi as separate district is brought to notice of CM: Speaker Kageri

Bommai confident of Gujarat like “pro incumbency mandate” for BJP in K’taka too


Related Articles More

World Bank upgrades India’s GDP growth forecast to 6.9% for FY23

Markets trade lower in early trade; Sensex falls over 444 points

India’s services sector output growth hits 3-month high in Nov on strong demand

UAE emerges second biggest tea importer from India after CIS bloc

Adani group’s NDTV open offer subscribed 32%; poised to be largest shareholder

MUST WATCH

Belagavi: Outrage outpours as stone pelted, black ink thrown at Maha registered vehicles

Rishab shetty family visit Anegudde temple

Do you know what makes a beagle dog special?

How to become flipper

Bannur Sheep Breed Information | Uv


Latest Additions

Gujarat polls: Comments that triggered controversies and grabbed headlines

CBI seizes Rs 1.38 crore in cash during searches at arrested Railway engineer’s premises

Contempt case: HC asks Vivek Agnihotri to appear before court, show remorse in person

Mangaluru: Child thwarts brazen kidnapping attempt; Caught on CCTV

Independents get feelers from parties as exit polls indicate close race in Himachal

Thanks for visiting Udayavani

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