Ambassador Barry O'Farrell tweeted, "The date has been set! The Aus-India Economic Cooperation and Trade Agreement will enter into force on December 29, providing both countries with new market access opportunities and securing the friendship for decades to come."
The Aus-India Economic Cooperation and Trade Agreement (ECTA) will go into effect on December 29, according to Australia's High Commissioner to India, Barry O'Farrell.
Ambassador O'Farrell tweeted, "The date has been set! The Aus-India Economic Cooperation and Trade Agreement will enter into force on December 29, providing both countries with new market access opportunities and securing the friendship for decades to come."
The date is set! The 🇦🇺🇮🇳 Economic Cooperation and Trade Agreement will enter into force on 29 December, delivering new market access opportunities for both countries & securing the 🇦🇺🇮🇳 friendship in the decades to come.
Media Release 🔗 https://t.co/6w0ElxPXll (1/2) pic.twitter.com/MTYkgqUuFh
This announcement comes just a week after Australian Prime Minister Anthony Albanese announced that the Australian Parliament had approved the country's Free Trade Agreement (FTA) with India. On November 22, Albanese tweeted, "BREAKING: Our Free Trade Agreement with India has passed through parliament."
The Albanese government, in its press statement today, said that it welcomes confirmation that the Indian government has completed the domestic requirements for the implementation of the Australia-India Economic Cooperation and Trade Agreement (ECTA).
From December 29, this trade agreement will provide new market access opportunities for Australian businesses and consumers.
With the unanimous passage of the Government's Bills through Parliament last week, Australia completed its domestic requirements for the trade agreement.
ECTA is a groundbreaking agreement that brings the economies of Australia and India closer together.
Tariffs on 85 per cent of Australia's exports to India will be eliminated on December 29, and high tariffs on the remaining 5 per cent of goods will be phased out.
The agreement's entry into force before the New Year brings a double bonus of two tariff cuts in quick succession, one when the agreement takes effect and another on January 1, 2023.
"ECTA will save Australian exporters approximately USD 2 billion in tariffs each year, while consumers and businesses will save approximately USD 500 million in tariffs on imports of finished goods and inputs to our manufacturing sector," said the Australian government.
According to Australian Prime Minister Anthony Albanese, both countries are increasingly cooperating as strategic and economic partners. "The Australia-India Economic Cooperation and Trade Agreement represents the next step in strengthening our ties with India," he continued.
Australian Trade and Tourism Minister Don Farrell said that the ECTA's two tariff cuts in quick succession amplify the agreement's initial benefits for our exporters.
"Austrade can help existing and prospective exporters benefit from lower trade barriers into the Indian market," he added.
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