At a news conference following the Tuesday trade agreement between India and Australia, Union minister Piyush Goyal discussed its consequences and referred to it as a landmark event for both countries. Goyal emphasised the advantages of the pact while stating that it was the first of its kind between India and a developed nation in ten years.The FTA will be a first in Australian history because it will allow duty-free import on all goods, allowing Indian companies a bigger market share in Australia. For the first time in Australia’s history, according to Goyal, They are giving 100 percent tariff lines, with the majority of lines coming into effect immediately and 113 lines over the course of five years.
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The Union minister who oversees sectors like textile, commerce, and consumer affairs, among others, also said that the pact will boost the likelihood that Indians will have more employment chances.The deal is anticipated to have significant benefits for the information technology sector. The IT sector would experience a quantum rise in their business with Australia once the levies are eliminated, according to Goyal. The FTA will increase India’s access to cheaper raw materials, changing the country’s economic environment. Raw materials arriving in India at a lower cost will benefit our industry. This will assist in increasing employment prospects, start-ups, and jobs, he continued.He added that the arrangement will also boost the pharmaceutical industries. The medicines will have a fast track procedure to receive clearance in the Australian regulatory system, the statement reads. The medicines which have already undergone a rigorous approval process from the USA & UK.The deal will allow the textile, wine, gem, and jewellery businesses to market their high-value goods and improve their revenues. Goyal noted the importance of the Indo-Australia Economic Cooperation Trade Agreement (IndAus ECTA), calling it a huge recognition of India’s expanding status & capabilities and noting that the initial scale of bilateral trade might reach $50 billion in the following 5 to 6 years.The bills connected to were approved by the Australian parliament. Australian Prime Minister Anthony Albanese tweeted on the approval of the agreement-related bills by the Australian parliament on Tuesday. Which nation would gain the most from the trade agreement between India and Australia?In the following comment box, express your opinions.
