India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will enter into force on December 29 paving the way for the elimination of duties on 100 per cent tariff lines and creating additional 10 lakh jobs in India.
This announcement comes a week after Australian Prime Minister Anthony Albanese said that country's Free Trade Agreement (FTA) with India has passed through its Parliament.
Australia is an important strategic partner of India and both democracies are part of the four-nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF), according to a Commerce Ministry statement.
"It is a landmark moment for Australia and India, would like to congratulate the PMs of India and Australia for achieving this significant milestone today. These are 2 democracies with shared interests on the world stage," Goyal said.
An Australian parliamentary committee on treaties has recommended its government give formal consent to the trade pact which was signed on April 2, this year, between India and Australia in a virtual ceremony.
Meeting was held on Tuesday to discuss the status of ratification of IndAus ECTA, its early implementation and to deliberate upon way forward for a comprehensive IndAus ECTA, an official statement said.
New Delhi [India], October 5 (ANI): External Affairs Minister S Jaishankar will kickstart his official visit to New Zealand and Australia from Wednesday.
New Delhi [India], October 3 (ANI): External Affairs Minister, Dr S Jaishankar to visit New Zealand and Australia from October 05-11, 2022. This will be EAM's first visit to New Zealand.
San Francisco [US], September 8 (ANI): Union Minister for Commerce and Industry Piyush Goyal said that his Australian counterpart Dan Tehan will be in India later this month, adding that the Economic Cooperation and Trade Agreement (ECTA) is expected to be in the Parliament soon.
Washington [US], September 8 (ANI): The United States is focused on a new Indo-Pacific economic engagement initiative to establish rules that will bring regional prosperity and is beyond a "traditional trade agreement."
New Delhi [India], September 7 (ANI): Australian High Commissioner to India, Barry O'Farrell on Tuesday lauded India's economic stability and said "India has markets that can help us grow in the post-COVID world."