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Commerce Department's industry outreach to popularise India-Australia ECTA

18 Jan 2023 Zinkpot 182
Commerce Department's industry outreach to popularise India-Australia ECTA

 Business Line -  The Commerce Department is holding industry outreach programmes across the country to spell out opportunities opened by the India-Australia Economic Corporation and Trade Agreement, which was implemented on December 29, 2022, official sources have said. Read more

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  • The India-Australia Economic Cooperation and Trade agreement had come into effect from December 29, 2022. The ECTA was signed on April 2, 2022, ratified on November 21, written notifications were exchanged on November 29 and after 30 days the agreement came into force.
  • Ind-Aus ECTA will lead to duty elimination on 100% tariff lines with no restrictions and benefit India's labour intensive exports such as textiles and apparel, agricultural and fish products, leather, footwear and furniture, several engineering products, jewellery, select pharmaceutical and medical devices, furniture and sports goods.
  • Presently, these are fetching 4 to 5% import duty in Australian market. The agreement will provide duty free access to over 6000 broad categories of Indian products in the Australian market.
  • The trade deal will boost exports of pharmaceuticals, India's second largest export after petroleum products, to Australia as medicaments that have already been approved in the US and the UK will get expeditious regulatory approval from Australian authorities.
  • India is the world's largest importer of coal. Out of India's coal trade deficit of $24 billion, Australia accounts for $11 billion. The Ind-Aus ECTA is likely to make coal, a crucial input for India's energy needs and its industrial growth available at competitive prices.
  • Besides, duty free imports of Australian raw materials such as copper, nickel, aluminium, manganese, wool, hide and skins, etc, would boost the competitiveness of Indian industry and create enormous job opportunities.
  • Australia will also allow duty-free imports of Indian wines, while India will reduce import duties from 150% to 100% on Australian wines of $5 per bottle down to 50% in 10 years.
  • This ECTA goes beyond merchandise trade and the Indian services sector also gets a major boost as it makes why ranging commitments in around 135 service sector. The Most Favoured Nation (MFN) status will be granted in about 120 sub-sectors, covering key areas of India's interest such as IT, ITES, Education, Health and audio visual.
  • The deal provides an annual quota of 1,800 for yoga teachers and Indian chefs and recommitment to over 1,00,000 of India's outgoing students to Australia who are likely to benefit from post-study work visa ranging from one and half years to 4 years.
  • The trade deal will prove to be a milestone in India-Australia relations that will not only increase mutual cooperation but also significantly contribute to boosting economic growth and strategic partnership between the 2 countries.
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