AMN/ WEB DESK
India – Australia Economic Cooperation and Trade Agreement, ECTA, comes into force today. The two nations signed the Agreement on the 2nd of April this year. ECTA is the first trade agreement of India with a developed country after more than a decade. Our correspondent reports that the Agreement encompasses cooperation across the gamut of bilateral economic and commercial relations between the two friendly countries.
Under this trade agreement, Indian exports will benefit from preferential zero-duty market access in Australia for 100 per cent of its tariff lines. It will help India’s labor-intensive sectors. As a result of this agreement, ten lakh jobs are estimated to be created in the country. The total bilateral trade is expected to cross 45 to 50 billion dollars in five years from the existing 31 billion US dollars.
Prime Minister Narendra Modi has expressed confidence that the India-Australia Economic Cooperation and Trade Agreement will unlock the enormous potential of trade and economic ties between the two countries. In a Tweet, he said, this will boost businesses on both sides. Mr. Modi said, it is a watershed moment for India – Australia’s comprehensive strategic partnership.
In a tweet, Australian Prime Minister Anthony Albanese said that the Australia-India Trade Agreement will deliver new opportunities to Australian businesses. He said he will visit India in March with a business delegation, at the invitation of Prime Minister Modi.