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Indo-Australia Trade Pact Comes into Force, to Double Bilateral Force to USD 50 Billion

December 29, 2022

The interim free trade agreement between India and Australia comes into force today, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market.

 

The agreement will help almost double the bilateral commerce to USD 45-50 billion in around five years, according to exporters and industry players.

 

The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.

 

Australia will offer zero-duty access to India for about 96.4% of exports (by value) from day one, under the pact.

 

With the customs duty advantage, Indian apparel exporters will get greater market access in that country as compared to their competitors.

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