Dec 17: India and Australia signed the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) on 2 April 2022, which will come into force on 29.12.2022.
Indian exports will benefit from preferential zero-duty market access in Australia for 100% of its tariff lines, which will benefit India’s labour-intensive sectors such as gems and jewellery, textiles, leather, footwear, furniture, food, and agricultural products, engineering products, medical devices, and automobiles. On the other hand, India has provided preferential access to Australia on over 70% of its tariff lines, which are primarily raw materials and intermediaries such as coal, mineral ores etc., which are required for our domestic manufacturing industry. Moreover, Australia has also provided additional market access and mobility facility for Indian professionals including chefs and yoga teachers.
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