Delhi ( The Stellar News ) : The change in the Australian government does not affect the trade policies with India and are in support of signing the trade pact with the nation and they are expected to soon approach their parliament for approval of the agreement said by Commerce and Industry Minister Piyush Goyal. India-Australia Economic Co-operation and Trade Agreement (ECTA) signed in April needs ratification by Australian Parliament before its implementation.
The agreement, once implemented will provide duty-free access to the Australian market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery. Goyal said that the agreement would help in taking bilateral trade from USD 27.5 billion at present to USD 45-50 billion in the next five years. Under this pact Australia is offering zero-duty free access to India for about 96.4% of exports from day one. This covers many products that currently attract 4-5% customs duty in Australia.
Report: Deepanjot Kaur (Under Training)
