Canberra: Australian Prime Minister Anthony Albanese on Tuesday announced that the Free Trade Agreement with India has passed through the parliament.
Albanese took to Twitter to announce a new deal between the two nations, “Our Free Trade Agreement with India has passed through parliament,”.
The announcement comes a few days after the Australian Prime Minister said that he will visit India in March 2023.
Addressing the press conference he further stated “I also met with Prime Minister Modi of India, where we discussed the finalisation of the closer economic cooperation agreement between Australia and India, which we regard as being very important for expanding the economic relationship between Australia and India.”
Here are the salient features of the Economic Cooperation and Trade Agreement (ECTA):
- The agreement will enable fast-track approval for patented, generic, and biosimilar medicines.
- The agreement will further provide additional benefits for all Indian medicines which have EU and Canada FDA approvals.
- The IT Sector in India specifically the Indian start-up will have an ideal market to scale up.
- The trade agreement will provide duty-free access to labour intensive sectors namely textile apparels, some agricultural and fish products, leather, footwear, furniture and sports goods.
- The agreement will also ensure provisions to safeguard interests of the domestic industry.
- Over 1 lakh Indian students benefit from post study work visas for 2-4 years.
- Young professionals will be able to avail work and holiday visas.
- Indian yoga teachers and Chefs will gain an annual quota.
(With Agency Inputs)
Click here for Latest News updates and viral videos on our AI-powered smart news
For viral videos and Latest trends subscribe to NewsMobile YouTube Channel and Follow us on Instagram