The signing of the Interim Trade Agreement between India and Australia has begun. With this signing, Indian exporters from over 6,000 wide sectors including textiles, leather, furniture, jewelery and machinery will get immediate duty-free access to the Australian market.
At the virtual signing ceremony on the India-Australia Economic Cooperation and Trade Agreement, Union Minister Piyush Goyal said that India-Australia are natural partners, united by the shared values of democracy, rule of law and transparency. Like 2 brothers, these 2 nations have also supported each other in the epidemic.
At the same time, PM Narendra Modi said, ‘These relations are an important pillar of India-Australia friendship, this agreement will facilitate the exchange of students, professionals and tourists between us. Due to which these relations will be strengthened further.
Truly a historic moment for bilateral relations
Prime Minister at the ceremony Narendra Modi Talking on the relationship between the two countries, he said that, ‘The agreement on such an important agreement in such a short time shows how much mutual trust is there between the two countries. This is indeed a historic moment for our bilateral relations. He said that this India-Australia relationship is a pillar of friendship. This agreement will facilitate the exchange of students, professionals and tourists between us. Due to which these relations will become stronger.
Many items to be available at zero import duty for Indian exporters
Economic cooperation and trade agreement was signed between India and Australia on Saturday. Now after getting approval from the Union Cabinet and the Parliament of Australia, this agreement will come into force on a mutually agreed date. Sources said many items would be available to Indian exporters at zero import duty on the very first day of the interim agreement coming into force.
It said that Australia has been offering zero duty to India on about 96.4 per cent of the value of exports from day one. This includes many products that currently attract a customs duty of four to five percent in Australia. India, on the other hand, will offer zero duty for Australia in more than 70 per cent of its ‘tariff line’. This will include products like coal. Coal accounts for about 74 per cent of imports from Australia and currently attracts a 2.5 per cent duty.
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