New Delhi: India and Australia signed a historic trade deal on Saturday aiming to boost economic ties between the two countries.
Prime Minister Narendra Modi said that the India-Australia Economic Cooperation and Trade Agreement is a ‘watershed moment for bilateral ties. The interim free trade deal aims to eliminate 85 per cent tariffs on Australian goods exports to India.
HERE ARE HIGHLIGHTS OF THE TRADE DEAL
- The trade deal removes tariffs on more than 85% of Australian goods exports to India, worth A$12.6 billion, rising to almost 91% over 10 years.
- PM Modi said the newly signed trade deal will contribute to the increasing supply chains resilience and stability of the Indo-Pacific region.
- Tariffs will be scrapped on sheep meat, wool, copper, coal, alumina, fresh Australian rock lobster, and some critical minerals and non-ferrous metals to India.
- The Deal will also see 96% of Indian goods imports enter Australia duty-free.
- PM Modi said the newly signed trade deal will contribute to the increasing supply chains resilience and stability of the Indo-Pacific region.
- Australian Prime Minister Scott Morrison said that the signing of the Agreement further develops the promise of economic relations between the two countries.
- The Agreement was signed virtually in Melbourne by Dan Tehan, Australian Minister for Trade, Tourism and Investment, with Union Commerce and Industry Minister Piyush Goyal in New Delhi.
- On the very first day of the implementation of the interim pact, over 6,000 tariff lines would be available for Indian exporters at zero duty.