India Signed Mega Trade Pact With Australia
According to Scott Morrison, the Prime Minister of Australia, Australia signed a trade agreement with India on Saturday that will eliminate tariffs on 85 per cent of Australian goods entering India, which will benefit farmers and miners by diversifying export markets.
Australia said in a statement on Friday that it will sign the Economic Cooperation and Trade Agreement with India on Saturday through an electronic ceremony with India’s Minister of Commerce & Industry, Piyush Goyal, according to a statement released the government on Friday.
Morrison will witness the signing of the interim agreement with India’s Prime Minister Narendra Modi, and both countries will continue to work toward a full free trade agreement.
In the days leading up to a national election that might take place within days, Morrison wanted to ensure the trade deal with India, a decade after negotiations began between the two countries, ahead of the election.
Despite diplomatic disputes, Beijing sanctioned Australian products including wine, lobster and coal because Australia relied on China as its largest trading partner. His government has emphasized diversification of export markets to reduce Australia’s reliance on China.
Getting in on the India deal opens the door to a market of almost 1.4 billion consumers and should boost Australia’s economy, he said.
“This agreement opens up a huge opportunity into the world’s fastest-growing major economy for farmers, producers, growers and more,” Morrison said in a statement.
Taxes will be eliminated on more than 85 per cent of Australian goods exported to India, worth $12.6 billion; the percentage will increase to almost 91 per cent over 10 years.
96 per cent of Indian goods will be duty-free when imported into Australia under the agreement.
We will eliminate duties on fresh Australian rock lobsters, sheep meat, wool, copper, coal, and alumina, as well as certain critical minerals and certain non-ferrous metals imported to India.
Tariffs for Australian wine will be reduced from 150 per cent to 50 per cent over ten years for bottles valued at more than US$5, and from 25 per cent to 25 per cent in the same time frame for bottles valued at more than US$15.
Australian agricultural products, including avocados, beans, nuts, and berries, will experience a 30 per cent tariff reduction over the next seven years.
Dan Tehan, Canada’s foreign affairs minister, said that the agreement would benefit minerals trade, professional services, education, and tourism as well as lay the foundation for a full free-trade agreement.
It is expected that the two countries will recognise each other’s professional certifications, and Australia will extend visas to STEM students from India who receive first-class honours from Universities in Australia.
According to trade statistics from 2020, India ranked seventh among Australia’s top trading partners, with two-way trade valued at $24.3 billion.
“The agreement builds on strong security partnerships and close cooperation in the quad, which has significantly grown economic relations,” Morrison said in India, Australia, and the United States. And mentioned the security alliance including Japan. ..
Exports to India represented 4.2 per cent of Australia’s total exports in 2021, with A$19.3 billion worth of goods going there.
In his speech on Saturday, Prime Minister Narendra Modi said that the economic cooperation and trade agreement reached between India and Australia will ensure both countries can fully leverage the existing opportunities, in addition to facilitating student, professional, and tourist exchanges.
“Today, in less than a month, this is my third face-to-face conversation with my friend Scott. There was a very productive discussion at the Virtual Summit last week.
At that time, we had a very productive discussion on the team. He has instructed us to end the negotiations on cooperation and trade agreements as soon as possible, and we are very pleased that this important agreement has been signed today. For this extraordinary achievement, the Ministers of Trade of both countries. I sincerely congratulate the officials. “
We would also like to thank Tony Abbott, a former Australian Prime Minister and current Prime Minister of Morrison’s trade envoy. His actions accelerated the process. “
“The end of such an essential settlement in the sort of brief length indicates how plenty mutual believe there’s among the 2 countries. This is certainly a turning point in our bilateral relations. Our economy has great potential to meet each other’s needs.
We are confident that this agreement will take full advantage of these opportunities. “
This agreement promotes exchanges between students, professionals and tourists and further strengthens these relationships. Congratulations to the teams of both countries on the effective and successful negotiations of the India-Australia Economic Cooperation and Trade Agreement “Ind Aus ECTA”.
“Thank you very much to Prime Minister Morrison for attending today’s event and wish you a successful election in Australia. Also, Australia’s Women’s Cricket for tomorrow’s World Cup Finals. I pray from the bottom of my heart to the team. “
The Economic Cooperation and Trade Agreement signed between India and Australia will enable the two countries to take full advantage of existing opportunities and promote exchanges between students, professionals and tourists, Narendra Modi said. The Prime Minister said today.
The India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) was signed by Minister of Trade and Industry Piyush Goyal and Minister of Australia Dan Tehan at a virtual ceremony in the presence of Prime Minister Modi and Prime Minister Scott Morrison.
PM Prime Minister Modi said the signing of such a short-term agreement reflects the depth of mutual trust between the two countries.
He also emphasized the great potential that exists in the two economies to meet each other’s needs, adding that the agreement will allow countries to take full advantage of these opportunities.
“This is our two country relationship turning points … Based on this Agreement, you can increase the recovery of the supply chain and cooperate together to contribute to the indo area stability.” Prime Minister MODI said.
He said the agreement also promotes exchanges between students, professionals and tourists between the two countries.
Prime Minister Morrison called the signing of the agreement another milestone in the expanding relationship between India and Australia and said the agreement was evolving on the promise of the relationship.
Aside from the increase in trade and economic cooperation, he said the agreement further deepens the “heartfelt and close relationship” between the peoples of both countries by expanding opportunities for work, study and travel. rice field.
The Australian Prime Minister said the deal would create huge trade diversification opportunities for domestic producers and service providers travelling to India, worth up to $ 14.8 billion annually.
“This agreement opens a big door to the world’s fastest-growing major economies, including Australian farmers, manufacturers and producers,” he said, of about 1.4 billion consumers in India. He pointed out that a huge market will be opened. We will strengthen our economy and create direct employment in the field. “
He also includes Tasmanian lobster fishermen, South Australian wine producers, Queensland Macadamia farmers, major Western Australian miners, New South Wales lamb farmers, Victorian wool producers, and the Northern Territory. Said that it was. Great news for Queensland metal ore producers. region.
“This agreement builds on strong security partnerships and collaborative efforts in Quad to take economic ties to a new level,” he said.
edited and proofread by nikita sharma
