Big boost to IT sector as Australia clears landmark trade deal with India – Times of India

NEW DELHI: In a landmark agreement, the Australian parliament on Tuesday cleared a free trade agreement (FTA) with India.
Briefing the media about the FTA, commerce and industry minister Piyush Goyal said: “It is a landmark moment for Australia & India, would like to congratulate the Prime Ministers of both countries for achieving this significant milestone today.”
These are 2 democracies with shared interests on the world stage, he added.
Goyal also highlighted that this is the first time in Australia’s history, where they are giving 100 per cent tariff lines with most lines on entry into force and 113 lines within a period of 5 years.
The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) needed ratification by the Australian parliament before its implementation. In India, such pacts are approved by the Union Cabinet.
Earlier in the day, Goyal expressed his delight on the FTA and said: “Delighted that India-Australia Economic Cooperation & Trade Agreement has been passed by the Australian Parliament. A result of our deep friendship, it sets the stage for us to unleash the full potential of our trade ties & spur massive economic growth.”

Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one. This covers many products that currently attract 4-5 per cent customs duty in Australia.
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.