Free Trade Agreement: India became the first country in Australia to have no duty on more than six thousand products.
The Free Trade Agreement (FTA) between Australia and India will open a new chapter in the relationship between the two countries. Under the agreement, Australia will allow Indian exporters to export all types of products without any quota restrictions. India is the first country for which Australia has given this facility. Not only this, Australia is the third country after Mauritius and the United Arab Emirates with whom India has entered into a free trade agreement under the Double Taxation Avoidance Agreement (DTAA). Negotiations with Britain and Canada are in the final stages. Talks with Britain will start from next month. Talks are going on for a long time with the European Union as well.
Fair judgment
Now the Australian government will seek approval from its executive council. In India the Union Cabinet will approve it. The settlement is just for India. Piyush Goyal, Commerce Minister
Many benefits will be available after the implementation of the agreement.
Indian companies providing technical support in Australia will not have to pay tax on income from there. This will save 200 million dollars every year for 100 big IT companies of India working in Australia.
Additional Director General of Foreign Trade Tapan Mazumdar said, “It is expected that this agreement will come into force from January next year.”
Commerce Minister Piyush Goyal said, under this, chefs and yoga instructors of India will also get working visas. Every student going to study in Australia from India will get employment there according to their education.
The agreement will benefit 6,000 farmers who grow grapes for making wine. With this, more farmers will be able to enter the field of producing grapes.
FIEO Director General Ajay Sahay said, exporters will not have to pay any duty on 98% items.
Raw materials like coal, alumina, manganese, copper and wool will also be able to be imported without duty, which will give impetus to industries.
Big decision: Australian Parliament approves Free Trade Agreement with India
Indian exporters will no longer have to pay duty on exports of over 6,000 products to Australia. The Australian Parliament on Tuesday approved the Free Trade Agreement (FTA) with India. Now both the countries will decide with mutual consent from which date the agreement will come into force. Australian Prime Minister Anthony Albanese tweeted and informed about the decision.
Commerce Minister Piyush Goyal informed that the two countries had signed the Economic Cooperation and Trade Agreement (AI-ECTA) in April after long deliberations. Under this, Australia has offered to keep 96.4 per cent of its exports free from customs duties. There are many products in this, which currently attract four to five per cent customs duty in Australia. agency
Effect of meeting PM Modi
Australian PM Albanese said, during the meeting with Prime Minister Narendra Modi during the G-20 conference, it was agreed to deepen and broaden the economic relations between the two countries. Albanese will also visit India in March next year with a business delegation.
PM Modi said, thank you
Responding to the Australian PM’s tweet, Prime Minister Narendra Modi thanked him and said, the implementation of ECTA will be greatly welcomed by our business communities. This will further strengthen the India-Australia Comprehensive Strategic Partnership.
Business will be up to 50 billion dollars
In 2021-22, India exported $ 8.3 billion to Australia, while imported $ 16.75 billion.
Earlier the trade was $27.5 billion: Piyush Goyal said, due to the agreement, India-Australia trade will reach $50 billion from the current $27.5 billion in five years.
Will be implemented within 30 days
Australian Trade Minister Don Farrell said the FTA would be implemented within 30 days from the completion of domestic requirements of the two countries or at a mutually agreed time. Australia is set to implement the agreement this year itself.
Relief on furniture, jewellery, machinery, cloth and leather
After the FTA comes into force, products such as textiles, leather, furniture, jewelery and machinery can be sold in the Australian market without any customs duty.
India is the first country to sell products without duty
India is the first country for which Australia has given this facility. At the same time, Australia is the third country with which India will do business under the Double Taxation Avoidance Agreement. >> business
India and European Union will soon have a trade agreement
India and the European Union (EU) on Tuesday expressed satisfaction over the progress made in the ongoing talks on trade and investment agreements and hoped to complete the talks on time. According to a statement by the Ministry of External Affairs, the ninth round of India-European Union Foreign Policy and Security Consultations took place in the national capital on November 22.
The meeting was co-chaired by Sanjay Verma, Secretary (West) in the Ministry of External Affairs and Enrique Mora, Deputy Secretary-General for Political Affairs of the European Foreign Affairs Service. According to the statement, during the talks, both sides acknowledged the progress and political momentum in India-EU relations.
It was launched during the 15th India-EU Summit in July 2020 and further strengthened after the meetings of the leaders of India and EU in May 2021. Both sides reviewed important dimensions of bilateral relations including the India-EU Trade and Technology Council. The India-EU Trade and Technology Council was announced by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen.
