NEW DELHI – Australia will open its market to 95% of Indian products without duties and India will import a wide range of Australian agricultural and livestock products: this provides for the Economic and Trade Cooperation Agreement (Ecta), signed today by the leaders of the two countries in a virtual ceremony, which saw the two ministers for Commerce, Industry and Tourism, Piyush Goyal and Dan Tehan, together with Indian Premier Narendra Modi and Australian Scott Morrison. An agreement defined by experts as one of the largest tax free trading platforms in the world.
According to Indian minister Goyal, the Ecta will bring trade between New Delhi and Canberra from the current $ 27 billion to $ 45-50 billion over the next five years.
“This is a turning point for bilateral relations between our two countries,” Modi said. “In addition to trade in goods, the agreement will favor exchanges of students, professionals and tourists. Thanks to this agreement, India and Australia will contribute to the stability of the Indo-Pacific region”, concluded the Indian premier.
In recent days Morrison has defended the choice to sign the agreement with India, stating that it does not constitute a betrayal of Ukraine, despite the Indian refusal to condemn Russia for the invasion.
Source: Ansa
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