New Delhi/IBNS: The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will come into force on December 29.
Indian exports will benefit from preferential zero-duty market access in Australia for 100 percent of its tariff lines, which will benefit Indias labour-intensive sectors such as gems and jewellery, textiles, leather, footwear, furniture, food, and agricultural products, engineering products, medical devices, and automobiles, Minister of State for Commerce and Industry Anupriya Patel said in reply to a parliamentary question today.
On the other hand, India has provided preferential access to Australia on over 70 percent of its tariff lines, which are primarily raw materials and intermediaries such as coal, mineral ores etc, which are required for our domestic manufacturing industry.
Moreover, Australia has also provided additional market access and mobility facility for Indian professionals including chefs and yoga teachers.
