• About   |
  • Write For Us   |
  • Contact Us   |
  • हिंदी
Wednesday, February 8, 2023
  • Login
  • Register
No Result
View All Result
The Second Angle
Advertise
  • Infotainment
    • Sports
  • Entertainment
    • Lifestyle
      • Home & Decoration
  • People
    • Inspiring
  • Education
  • Travel
  • Finance
  • Healthcare
  • Technology
  • World
The Second Angle
  • Infotainment
  • Entertainment
  • People
  • Education
  • Travel
  • Finance
  • Healthcare
  • Technology
  • World
Advertisement
ADVERTISEMENT
Home News

India-Australia free trade agreement to come into force from December 29

TSA Desk by TSA Desk
November 30, 2022
in News
Reading Time: 4 mins read
A A
Share on FacebookShare on WhatsApp
Advertisement Advertisement Advertisement
ADVERTISEMENT

RelatedPosts

With Glazers possibly out, check some of United’s potential buyers

With Glazers possibly out, check some of United’s potential buyers

Bar Council of T.N. & Puducherry suspends 9 lawyers from practicing before any forum


India and Australia flag together. The free trade agreement between the two countries will come into force from December 29.

India and Australia flag together. The free trade agreement between the two countries will come into force from December 29.
| Photo Credit: Getty Images

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 $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.

Commerce and industry minister Piyush Goyal said the implementation of the free trade pact “is the dawn of a whole new era”.

“India & Australia consolidate their long-standing partnership. Economic Cooperation & Trade Agreement, realised under the guidance of leaders on both countries, comes into effect from December 29, 2022. It is the dawn of a whole new era for our businesses & people,” Mr. Goyal said in a tweet.

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% of exports (by value) from day one. This covers many products that currently attract 4-5% customs duty in Australia.

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

The statement said that from 29 December, tariffs on 85% of Australia’s exports to India will be eliminated and high tariffs on a further 5% of goods will be phased down.

“Entry into force of the agreement before the New Year delivers a double bonus of two tariff cuts in quick succession: one as the agreement comes into effect and a second on 1 January 2023,” it said.

It added that ECTA will save Australian exporters around $2 billion a year in tariffs, while consumers and business will save around $500 million in tariffs on imports of finished goods, and inputs to “our manufacturing sector”.

The tariff commitments provided by India in the agreement will open up access for Australia’s exporters of products including critical minerals, pharmaceuticals, cosmetics, lentils, seafood, sheep meat, horticulture and wine, it said.   Further it said that Australian service suppliers will benefit from full or partial access across more than 85 Indian services sectors and subsectors. Australian suppliers across 31 sectors and subsectors will be guaranteed the highest standard of treatment that India grants to any future free trade agreement partner. 

ECTA will also support tourism and workforce needs in regional Australia by making 1,000 work and holiday programme places available to young Indians, it said adding the pact maintains opportunities for Indian students graduating in Australia to undertake post-study work, with a bonus year of stay for high-performing STEM (science, technology, engineering, or mathematics) graduates.

“Australia and India are now progressing a Comprehensive Economic Cooperation Agreement to build on ECTA. The Australian Government is pursuing further opportunities in goods and services, in addition to new commitments in areas such as digital trade, government procurement, and new areas of cooperation,” it said.

Australian Prime Minister Anthony Albanese said that the agreement is the next step in elevating our relationship with India, the world’s fastest growing large economy.

Minister for Trade and Tourism Don Farrell said that the ECTA’s two tariff cuts in quick succession intensify the up-front benefits of this agreement for exporters.

“Businesses are encouraged to get on the front foot and prepare themselves now to take advantage of the substantial improvements in market access to India under the new agreement. Austrade can assist existing and potential exporters benefit from the lowering of trade barriers into the Indian market,” he said.

ShareSendTweet
TSA Desk

TSA Desk

Related Posts

With Glazers possibly out, check some of United’s potential buyers
Sports

With Glazers possibly out, check some of United’s potential buyers

One of the biggest stories on sports pages at the end of 2022, The American Glazer family, who are the...

Read more
News

Bar Council of T.N. & Puducherry suspends 9 lawyers from practicing before any forum

Photograph used for representational purposes only The Bar Council of Tamil Nadu and Puducherry (BCTNP) on Tuesday notified the suspension...

Read more
News

Kerala government agrees to debate Vizhinjam port agitation and related violence in the Assembly

An injured police personnel being shifted to a hospital after a mob of agitators attacked Vizhinjam police station following the...

Read more
News

Decisive G20 not possible without support of members, says Amitabh Kant

India’s G-20 Sherpa Amitabh Kant speaks at the first G20 Sherpa meeting, in Udaipur, on December 4. | Photo Credit:...

Read more
News

CBI moves Delhi HC challenging statutory bail granted to DHFL’s Wadhawan brothers

Dewan Housing Finance Corporation Limited The CBI on Monday approached the Delhi High Court challenging the statutory bail granted to...

Read more
News

Andhra Pradesh: We are working towards making Chittoor a major industrial hub, says Collector

Chittoor District Collector M. Hari Narayanan speaking to The Hindu on Monday. | Photo Credit: BY ARRANGEMENT Chittoor district holds...

Read more
Load More
Next Post

Jiang Zemin obituary | President who shepherded China’s economic reforms, growth

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Facebook Twitter Instagram Telegram

About

The Second Angle

A platform providing diverse views on various issues, providing an in-depth understanding of important developments happening around us. It offers you true journalism amidst the cacophony. Discover the latest news, opinions, analysis and a lot more here.

Important Links

  • About
  • Career
  • Write for us | The Second Angle
  • Support Us
  • Privacy Policy
  • Terms
  • Contact Us
  • Newsletter
  • हिंदी

Subscribe to Our Newsletter

We don’t spam! Read our privacy policy for more info.

Check your inbox or spam folder to confirm your subscription.

© 2017-22. The Second Angle. All Rights Reserved. Developed and Maintenance by SquareBase.io

No Result
View All Result
  • Infotainment
    • Sports
  • Entertainment
    • Lifestyle
      • Home & Decoration
  • People
    • Inspiring
  • Education
  • Travel
  • Finance
  • Healthcare
  • Technology
  • World
  • Login
  • Sign Up

© 2017-22. The Second Angle. All Rights Reserved. Developed and Maintenance by SquareBase.io

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version