An official statement from the Australian side that the trade agreement underscores the commitment to delivering opportunities to diversify trade that are commercially meaningful for Australian businesses.
The implementation of the Economic Cooperation and Trade Agreement (ECTA) between India and Australia has the potential to double bilateral trade in goods and services to USD 45 billion in the next five years, said the Confederation of Indian Industry (CII).
Key commodities exported to Australia are plain gold jewellery, studded jewellery, and cut and polished diamonds. The main commodities imported from Australia are precious metals -- gold and silver bars.
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.
The Confederation of Indian Alcoholic Beverage Companies welcomed the ratification of the India-Australia FTA by the Australian Parliament and said this would take the trade ties between the two nations to newer heights.
The deal which was signed on April 2, 2022, is now ready for ratification for its early implementation. The Agreement will enter into force shortly, on a mutually convenient date once both sides have completed their domestic processes.
After the announcement of the passing of the Australia-India Economic Cooperation and Trade Agreement from both houses, Australian Prime Minister Anthony Albanese said that the new trade agreements with India and the UK will strengthen the existing trade and economic relationships.
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.
New Delhi [India], April 26 (ANI): Union Civil Aviation Minister Jyotiraditya Scindia on Tuesday met former Australian Prime Minister Tony Abbott where the leaders held discussions on trade and strengthening bilateral ties between the two countries.
Beijing [China], April 11 (ANI): As both India and Australia have strained relations with Beijing, the signing of the India-Australia free trade pact on April 2 is rooted in a desire to reduce their economic dependence on the world's No. 2 economy, China.
Melbourne [Australia], April 9 (ANI): Australian Prime Minister Scott Morrison, on Saturday, shared a snap of him cooking 'khichdi' to celebrate India-Australia Economic Cooperation and Trade Agreement (ECTA).