India, Australia Economic Cooperation & Trade Agreement comes into force from today
Dec 29, 2022India, Australia Economic Cooperation and Trade Agreement, ECTA, comes into force from 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.
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 benefit India’s labour-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 dollar in five years from the existing 31 billion US dollar.
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