Friday, June 20, 2025
  • Home
  • About us
  • Privacy policy
  • Advertise with us
  • Contact us
Fii News Logo
No Result
View All Result
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports
Newsletter
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports
Fiinews
No Result
View All Result
Home Exports

Exports: Ind-Aus ECTA to set pace for trade growth over 5 years

Fiinews by Fiinews
December 1, 2022
in Exports
Reading Time: 2 mins read
A A
0
Austrade
0
SHARES
10
VIEWS
LinkedinShare on Twitter

0:00

Ten lakh jobs would be created in India under ECTA

The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will enter into force on 29 December 2022, setting the pace for bilateral trade to cross US$45-$50 billion in 5 years from existing US$31 billion.

Signed on 2 April 2022, India and Australia exchanged written notifications on completion of the ratification processes and the necessary domestic requirements, including internal legal procedures.

“The Agreement will enter into force 30 days after this exchange of written notification between India and Australia in accordance with Article 14.7 of the Agreement,” the Ministry of Commerce and Industry said on 30 Nov 2022.

Accordingly, the Agreement will come into effect from 29 December 2022.

The India-Australia ECTA and the provisions thereof, which has been arrived at after extensive consultations with all relevant stakeholders, will further cement the already deep, close and strategic relations between the two countries. It will significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of the two countries.

Industries, businesses, students, professionals etc in both countries are eager to avail the opportunities arising through this agreement, it said.

It will also promote people to people contact between the two democracies.

Duties on 100% tariff lines are to be eliminated by Australia under the agreement.

“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,” said the Ministry.

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. Over 1 lakh Indian students would benefit from post-study work visa (1.5-4 years) under the 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 an important strategic partner of India, added the Ministry.

They are also 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,” said the Ministry. fiinews.com

Tags: Ministry of Commerce and Industry
ShareTweetShare

Related Posts

PIB
Exports

Export: India-Canada to resume EPTA talks for CEPA

by Fiinews
June 20, 2025
0
13

PMs held frank and forward-looking discussions in Kananaskis Prime Ministers Narendra Modi and Mark Carney have agreed to resume negotiations...

Aieclogo
Exports

Export: FIEO expect stability in 2H’25

by Fiinews
June 17, 2025
0
11

May exports grew 2.8% led by services sector Exporters are adapting well to a tough global environment, says FIEO President...

PIB

Export: Cyprus-India bullish on IMEC

June 17, 2025
14
H V Agarwal Ficci

Export: FIEO lauds RBI repo rate decision

June 15, 2025
18
Confederation Of Swedish Enterprise Organization.

Export: Stockholm meetings focused on trade

June 14, 2025
15
Kasturi Cotton Logo

Export: Textile sector to create road map

June 13, 2025
13
SBI YONO

POPULAR NEWS

  • Cristina Dnv

    Projects: Indian yards set to build green ships, says DNV expert

    0 shares
    Share 0 Tweet 0
  • Market: Indian-origin UGF scales heritage consumer brands globally

    0 shares
    Share 0 Tweet 0
  • Technologies: Royal Diamond sponsors aerspace Industries’ drones in UAE

    0 shares
    Share 0 Tweet 0
  • Investments: Foreign investors see India as long-term destination for fund placings

    0 shares
    Share 0 Tweet 0
  • Markets: Blue Dart maintains positive outlook on India

    0 shares
    Share 0 Tweet 0

Fiinews.com features through news articles on business opportunities in the Indian market for the benefits of foreigners. It is also a platform for international businesses to showcase through elaborate articles on their products & services to the Indian consumers and corporations exploiting industrialisation of the country.

7Clicks Media is a Singapore based Media & PR company offering over 100,000
impressions via our targeted communication strategy.

It is led by editor-in-chief Gurdip Singh who has worked over 45 years reporting on
Asian businesses.

Recent News

  • Tech: LTIMindtree launches AI ecosystem
  • Market: Furniture demand set for 11.42% CAGR
  • Tech: Sonatype opens Hyderabad centre to scale AI
  • Market: Minister reaffirms commitment to FTA
  • Manufacturing: DAP review initiated, says Ministry

Pages

  • About US
  • ADVERTISE ON FIINEWS.COM
  • CONTACT US
  • EVENTS
  • FII-NEWS.COM PDF ARCHIVE
  • Home
  • News
  • PRIVACY POLICY

Subscribe to Newsletter

  • About
  • Advertise
  • Careers
  • Contact us

© 2024 FIINEWS - Design and developed by 7clicksmedia.

No Result
View All Result
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports

© 2024 FIINEWS - Design and developed by 7clicksmedia.