India and Australia have signed a landmark trade pact on Saturday.
It’s called the India-Australia Economic Cooperation and Trade Agreement. Apparently, it is India’s second such inter-governmental deal after it signed a CEPA with UAE.
The agreement was made by Commerce and Industry Minister Piyush Goyal, and Australian Minister for Trade, Tourism, and Investment Dan Tehan in a virtual ceremony
in the presence of Prime Minister Narendra Modi and Australian PM Scott Morrison.
After signing the agreement, PM Modi called, “The trade pact truly is a watershed moment for our relations.” And Australian PM Scott Morrison said, “The trade pact signed with India will further deepen our close ties.”
Under the pact, 96.4% of Indian goods will go duty-free in the Australian market and would push bilateral trade to $45-60 billion from $27 billion in the next five years. Among them, labor-intensive sectors like textiles, agriculture, Jewelry, and machinery, would benefit immediately.