The Australia-India Economic Cooperation and Trade Agreement will offer zero duty access to India for about 96.4 per cent of exports, among other benefits. Both governments opine that this deal will boost bilateral trade to $45-50 billion over five years
Prime Minister Narendra Modi in a virtual interaction with his Australian counterpart Scott Morrison. Press Information Bureau
After 11 years, India and Australia have signed a historic trade deal — the Australia-India Economic Cooperation and Trade Agreement (Ind-Aus ECTA).
After the ink had dried on the contract, Prime Minister Narendra Modi said, “The trade pact truly is a watershed moment for our relations.”
But, what is this deal between India and Australia and what does it mean for the country. Here’a breakdown for you.
The news on Ind-Aus ECTA
On 2 April, Commerce and Industry Minister Piyush Goyal and Australian minister Dan Tehan signed the ECTA, which was in the making from 2011, in the presence of Prime Minister Narendra Modi and his Australian counterpart Scott Morrison.