Landmark India-Australia ECTA announced!
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that duties on 100 percent tariff lines would be eliminated by Australia under the landmark India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA).
He was addressing a press conference on the ECTA following the approval of the Agreement by the Australian Parliament. Minister expressed his gratitude to Prime Minister Shri Narendra Modi and said that the ECTA was made possible because of the bond that he had built with the leadership in Australia cutting across party lines.
Goyal said that the ECTA would give a big boost to several sectors of the economy, including gem and jewellery. It may be noted that 10 lakh jobs are estimated to be created as the result of the ECTA. He noted that the Agreement would also open new opportunities for the service sector in India and would immensely benefit students by offering them an opportunity to work in Australia.
In a nutshell, the India-Australia ECTA will further cement the already deep, close and strategic relations between the two countries and will significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of the two countries.
As part of the commitments under ECTA, for the Comprehensive Ind-Aus ECTA, Chief Negotiators from both the sides will have a meeting shortly to finalise the Scoping document. More specific details are following.