Under the ECTA, an Additional 10 lakh jobs would be created in India
Under the India-Australia Economic Cooperation and Trade Agreement (ECTA), duties on 100 percent tariff lines are to be eliminated by Australia. The pact will come into force from December 29. With this agreement, the total bilateral trade is expected to cross $45-50 billion in five years from the existing $31 billion.
On Wednesday, both countries exchanged written notifications to implement the pact, which will come into effect from December 29.
It is estimated that an additional 10 lakh jobs would be created in India under ECTA. Indian Yoga teachers and chefs are set to gain with the annual visa quota. Also, over 1 lakh Indian students would benefit from a post-study work visa of 1.5 to four years duration under the ECTA.
Official sources said, “Both the countries are complementarities in their trade opportunities. Hence it will help in a resilient supply chain wherein cheaper raw materials and intermediate products from Australia will be made available to make the finished product competitive.”
The agreement is also likely to increase investment opportunities, promote exports, create significant additional employment and facilitate strong bonding between the two countries, sources said.
“India & Australia consolidate their long-standing partnership. The Economic Cooperation & Trade Agreement, realized under the guidance of leaders in both countries, comes into effect from December 29, 2022. It is the dawn of a whole new era for our businesses & people,” Commerce Minister Piyush Goyal tweeted.
India & Australia consolidate their long-standing partnership.
Economic Cooperation & 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 & people. 🇮🇳🤝🇦🇺 pic.twitter.com/69YzR0h62G
— Piyush Goyal (@PiyushGoyal) November 30, 2022
[With Inputs from IANS]
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