Free Trade Agreement Between India and Australia: Big news is coming out regarding the trade between India and Australia. The Free Trade Agreement (FTA) between the two countries is going to be implemented from 29 December 2022. Last week, the Australian Parliament approved the Free Trade Agreement (FTA) with India. To implement such agreements, the approval of the Australian Parliament was first required, which has now been met. How much is the Indian businessmen going to benefit after this agreement? Everyone’s eyes are on this.
45-50 billion dollar turnover
According to media reports, Australia’s Trade and Tourism Minister Don Farrell has given information on Wednesday regarding the trade agreement between India and Australia. Farrell said that with this step, bilateral trade will double to $45-50 billion in 5 years. He said that its domestic needs would be met through the implementation of the Australia-India Economic Cooperation and Trade Agreement (ECTA).
this will be beneficial
After the FTA comes into force, over 6,000 products from India including textiles, leather, furniture, jewelery and machinery will be made available duty free in the Australian market. Under this agreement, Australia is offering zero customs duty access to India for about 96.4 per cent of its exports. Right now there is a duty free of 4 to 5 percent in Australia. India had exported $ 8.3 billion goods to Australia in the financial year 2021-22, imported $ 16.75 billion.
duty free export
Australia’s trade minister said that Australia’s trade agreement with India from December 29, 2022 will provide new market access opportunities to Australian companies and consumers. The agreement was signed on April 2 this year. Under the agreement, over 6,000 Indian exporters from a wide range of sectors including textiles, leather, furniture, jewelery and machinery will get duty free access to the Australian market.
Approval from the Australian Parliament
Last week, the Australian Parliament approved the Free Trade Agreement (FTA) with India. The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) required approval by the Australian Parliament before it could come into force. The Union Cabinet approves such agreements in India.
On this occasion, Commerce and Industry Minister Piyush Goyal said in a tweet that due to the deep friendship between the two countries, it sets the stage for us to take trade relations forward to their full potential and drive economic growth in a big way .