India-Australia ECTA to come into effect on December 29, 2022

With this agreement, the total bilateral trade will cross $45–50 billion in 5 years from existing $31 billion. Both the countries are complementarities in their trade opportunities. Hence it will help in resilient supply chain wherein cheaper raw materials and intermediate products from Australia will be made available to make our finished product competitive, according to a press release by the Indian ministry of commerce and industry.

“India and Australia consolidate their long-standing partnership. Economic Cooperation and 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 and people,” Piyush Goyal, Indian minister of commerce and industry, consumer affairs and food and public distribution and textiles, said in a tweet.

It is estimated that an additional 10 lakh jobs would be created in India under ECTA. The agreement is also likely to increase investment opportunities, promote exports, create significant additional employment and facilitate strong bonding between the two countries.

Australia is also a part of the four-nation QUAD, Trilateral Supply Chain Initiative, and the Indo-Pacific Economic Forum (IPEF). ECTA will open a new chapter on India-Australia Comprehensive Economic Partnership between two vibrant economies with shared interest and trade complementarities. The agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two friendly countries.

Fibre2Fashion News Desk (DP)