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

BJP’s slogan 400 seats is to divert public attention from their defeat, says Siddaramaiah

Ahead of PM Modi’s Mysuru visit, Siddaramaiah asks him to explain his contribution to city

Govt directs e-commerce firms to remove drinks, beverages from ‘health drinks’ category

PM Modi’s ‘noob’ remark during election season triggers political slugfest

India in touch with Iran to secure release of 17 nationals onboard Tehran seized Israeli-linked ship

LS polls: Rs 45.59 cr cash, alcohol worth over Rs 151 cr seized in Karnataka so far

Won’t withdraw nomination papers, says rebel BJP leader Eshwarappa

Related Articles More

Sensex, Nifty tank 1% as markets plunge after US inflation dashes rate cut hopes

Mumbai police arrest close aide of Cox Kings owner in Rs 400-crore bank fraud case

Telecom tariff hike imminent; expect 15-17% rise post election: Analyst report

ADB raises India’s GDP growth forecast for FY25 to 7 pc on robust investment, consumer demand

Anil Ambani suffers another setback, group firm loses Rs 8,000 crore arbitral award


What are the features of Xylys Watch

Theft in a rented house @ Dandeli

World Sparrow Day

Sri Vishwaprasanna tirtha swamiji

How To Grow Healthy Red Amaranth leaves

Latest Additions

Rains lash parts of Karnataka; One killed by lightning strike at Sindhanur

BJP’s slogan 400 seats is to divert public attention from their defeat, says Siddaramaiah

Corruption rises when Congress comes to power, party now looking like ‘Bigg Boss’ house: Rajnath Singh

LS Polls: Congress finalises some candidates for 4 states, including Punjab, HP

Kerala man booked for objectionable FB posts against PM Modi

Thanks for visiting Udayavani

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