According to Union Commerce Minister Piyush Goyal, the India-Australia Economic Cooperation and Trade Agreement is likely to increase the textile, gem, jewellery, and pharmaceutical industries significantly and lead to the creation of 10 lakh new employment.
“Since the labor-intensive industries would gain, it is anticipated that this will lead to the addition of at least 10 lakh new jobs in India, as well as several prospects for investment and start-up promotion. Similar to that, it will give Indians in Australia better career prospects and boost remittances to India “added Goyal.
Goyal said on Tuesday that the free trade agreement (FTA) between Australia and India has been approved by the Australian parliament and that initial bilateral commerce between the two nations might reach USD 45–50 billion in the next five–six years.
After the Agreement was approved by the Australian Parliament, Goyal spoke at a news conference to discuss the trade agreement. He stated that Australia will erase all taxes on 100% tariff lines under this agreement.
The Agreement was “unanimously approved” and backed by all parties, the Minister emphasised, adding that it was reached following extensive and thorough stakeholder engagements.
The April 2, 2022 agreement is currently prepared for approval in order to begin early implementation. After both parties have finished their internal procedures, the Agreement will soon go into effect on a mutually agreeable date, according to a statement released by India’s Ministry of Commerce and Industry on Tuesday evening immediately following minister Goyal’s news conference.
Both countries are members of the Trilateral Supply Chain Initiative, the Indo-Pacific Economic Forum, and the four-nation QUAD. Australia is a significant strategic partner of India (IPEF).
The deal’s facilitation of trade will start a new chapter in the India-Australia Comprehensive Economic Partnership between two dynamic economies with complementary trade and mutual interests.
The Economic Cooperation and Trade Pact is India’s first trade agreement with a developed nation in more than ten years, according to the statement.
