Lagatar24 Desk
New Delhi, Nov 30: The Aus- Australia’s High Commissioner to India Barry O’Farrell on Wednesday announced that Economic Cooperation and Trade Agreement (ECTA) will enter into force on 29 December.
“The date is set! The Aus-India Economic Cooperation and Trade Agreement will enter into force on 29 December, delivering new market access opportunities for both countries and securing the friendship in the decades to come,” ambassador O’Farrell tweeted.
The date is set! The 🇦🇺🇮🇳 Economic Cooperation and Trade Agreement will enter into force on 29 December, delivering new market access opportunities for both countries & securing the 🇦🇺🇮🇳 friendship in the decades to come.
Media Release 🔗 https://t.co/6w0ElxPXll #IndAusECTA (1/2) pic.twitter.com/MTYkgqUuFh— Philip Green OAM (@AusHCIndia) November 30, 2022
A week ago, Australian Prime Minister Anthony Albanese declared that the country’s Free Trade Agreement (FTA) with India had been approved by its Parliament.
The Indian government has fulfilled its domestic obligations to permit implementation of the Australia-India Economic Cooperation and Trade Agreement (ECTA), the Albanese government announced in a press release today.
Beginning on December 29, this trade agreement will give Australian consumers and businesses new chances for market access.
With the unanimous adoption of the Government’s Bills through Parliament last week, Australia completed its internal prerequisites for the trade deal.
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Notably, ECTA is a groundbreaking agreement that integrates the economies of Australia and India.
85% of Australia’s exports to India will no longer be subject to tariffs beginning on December 29, and another 5% of products will see high tariffs gradually reduced.
A double bonus of two tariff reductions in quick succession results from the agreement going into effect before the start of the new year: the first one on January 1, 2023, and the second one on January 1, 2023.
