Now with Australian Prime Minister opening free trade doors with India, another all time good friend for India is seen in Australia
It’s not only Japan, Israel or Russia, it’s Australia also as an all time good friend for India. Now Australian Prime Minister announces a free trade agreement with India.
With Australian Parliament passing Free Trade Agreement (FTA) with India, world might get envious about many things coming within the arena of the amity.
The bilateral pact also ensures, Australia is not going to be excluded from improved trade and market access, and this may arise from agreements, the south Asian giant, India subsequently negotiates with many countries.
Australian Parliament supported the thought and passed the country’s FTA (Free trade Agreement) with India today. On Tuesday an announcement on his official Twitter handle was seen written by Australian PM Anthony Albanese.
Through the deals Australia gets opportunity to diversify its exports to India from the troubled Chinese market while forging new bilateral trade relations.
PM Albanese called it a Breaking. He wrote in his tweet: “BREAKING: Our Free Trade Agreement with India has passed through our parliament.”
Australia says India has demonstrated its commitment towards the economic partnership between the two nations through the quality of the deal struck. This is what was quoted by the Trade Minister Don Farrell lately.
Significantly, over 6,000 broad sectors of India will be provided duty-free access to the Australian market through the trade agreement. These sectors will include leather, textiles, jewelry, furniture as well as machinery.
In accordance with the bilateral pact, Australia offers a zero-duty access to India through the pact for about 96.4% of exports from day one itself. This will cover many products that presently attract four to five percent customs duty in Australia.
There are labour-intensive sectors viz. textiles and apparel, leather, few agricultural and fish products, footwear, sports goods, furniture, machinery, jewellery, railway wagons and electrical goods, are expected to gain immensely.