Australian Prime Minister Anthony Albanese announced Free Trade Agreement (FTA) with India. According to the Australian government, the agreement will secure Australia’s foothold in the world’s fastest growing large economy and enable Australian businesses to unlock or expand their operations in a market of nearly one and a half billion consumers.
According to the Textile Minister Piyush Goyal the initial size of bilateral trade between India-Australia Economic Cooperation Trade Agreement (Ind Aus ECTA) can go up to around $50 billion in the next 5-6 years.
The quality of this Agreement, in terms of market access and opportunity for Australian businesses, demonstrates India’s commitment to our bilateral economic partnership.
After India-Australia landed a trade agreement Tuesday, Union minister Piyush Goyal highlighted the areas that would benefit from the deal as he underlined it being India’s first agreement of “such a kind with a developed country after a decade.”
1) The FTA will mark a “first” in Australian history when the country is giving away duty-free import on all the items, a step that is sure to gain Indian businesses a larger market share in Australia. Goyal said,
2) The agreement will grow prospects of increased employment opportunities for Indians.
3) Information technology sector is expected to gain heavily from the agreement. When the taxes would be done away with, the IT industry will witness a “quantum jump in their businesses with Australia.
4) The FTA will boost the cheaper supply of raw materials in the country. Raw materials coming cheaper to India will help industry to add jobs, work opportunities, and start-ups.
5) Textile, wine as well as gems, and jewellery industries will get to sell their high-value products, with increased profits under the agreement. “
