The Free Trade Agreement between India & Australia will come into effect from 29 December.
The Free Trade Agreement between India and Australia will come into effect from 29th December 2022.
It is a move that will help almost double bilateral commerce to $45-50 billion in about five years.
India will get zero duty benefits on 98.3% of its exports to Australia from day one and on 100% of the tariff line within five years; Tariffs on 85% of Australia’s exports to India will be eliminated immediately. The deal will benefit India’s IT industry, labor intensive sectors and students on post-study work visas.
The deal will also enhance investment opportunities, boost exports, create significant additional jobs and facilitate stronger bonds between the two countries.