India and Australia have exchanged written notifications regarding the India-Australia Economic Cooperation and Trade Agreement (ECTA).
The ECTA will enter into force on 29th December. Commerce and Industry Minister Piyush Goyal said that India and Australia have consolidated their long-standing partnership. He added that it is the dawn of a whole new era for businesses and people of both nations.
The India-Australia ECTA will significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the people.
Duties on 100 percent tariff lines are to be eliminated by Australia under the agreement. The total bilateral trade will cross 45 to 50 billion dollars in five years from the existing 31 billion dollars.