• About
  • Advertise
  • Contact
  • Login
Newsletter
NRI Affairs
Youtube Channel
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Student Hub
  • Business
  • Travel
  • Events
  • Other
No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Student Hub
  • Business
  • Travel
  • Events
  • Other
No Result
View All Result
NRI Affairs
No Result
View All Result
Home News

Australian parliament ratified the bilateral trade agreement with India

According to the agreement, Australia will grant zero-duty access to India starting from day one for around 96.4% of exports (by value).

NRI Affairs News Desk by NRI Affairs News Desk
November 22, 2022
in News
Reading Time: 3 mins read
A A
0
Australian parliament ratified the bilateral trade agreement with India

Source: @AlboMP/twitter

Share on FacebookShare on Twitter
Advertisements

Australian Parliament has approved the bilateral free-trade agreement with India. For Australia to diversify its exports from the unstable Chinese market to India and to establish new bilateral economic links, the deals are essential. The House of Representatives passed the legislation with ease on Monday, and the Senate passed them into law on Tuesday.

Anthony Albanese, the prime minister of Australia, tweeted that “Our Free Trade Agreement with India has passed through parliament.”

BREAKING: Our Free Trade Agreement with India has passed through parliament. (???? with @narendramodi at the G20) pic.twitter.com/e8iG3gpTgr

— Anthony Albanese (@AlboMP) November 22, 2022

Don Farrell, the minister of trade, claimed that India had proven its dedication to the two countries’ economic ties by the calibre of the agreement reached. According to Farrell, “Closer economic ties with India are a critical component of the government’s trade diversification strategy.”

The agreement guarantees that Australia won’t be shut out of any future trade deals that India might strike with other countries, he added, assuring Australia of increased access to markets and commerce.

According to him, “As an interim agreement, however, the AI-ECTA is not as comprehensive in its scope and coverage as other trade agreements and under-achieves in areas of potential and immediate interest to Australia such as wine”.

“The quality of this Agreement, in terms of market access and opportunity for Australian businesses, demonstrates India’s commitment to our bilateral economic partnership,” Farrell added.

For Australian companies, “India presents unparalleled growth opportunities across a range of sectors, from food and agriculture, technology and green energy, to health and education services,” he noted.

Notably, on April 2, the Economic Cooperation and Trade Agreement (ECTA) between Australia and India was signed.

Australian enterprises will have access to or room to expand in a market with close to 1.5 billion consumers, according to the Australian government, which also says that the agreement would improve Australia’s position as the major economy with the fastest rate of growth in the world.

Advertisements

Committee chair MP Josh Wilson said the Committee has underlined the significance of enhanced tariff reductions, more access to services, and on more general issues like intellectual property, cultural heritage, the environment, and labour rights as Australia progress toward a Comprehensive Economic Cooperation Agreement.

However, it claimed that the Committee had voiced reservations about the length and calibre of consultations, the openness of the talks, and the absence of independent modelling and analysis of trade agreements.

Before any action is taken that obligates Australia to the terms of a treaty, the Commonwealth Parliament has appointed the Joint Standing Committee on Treaties to consider and report on all treaty measures proposed by the Government.

When the deal is put into effect, more than 6,000 diverse industries from India, including textiles, leather, furniture, jewellery, and machinery, would have duty-free access to the Australian market.

According to the agreement, Australia will grant zero-duty access to India starting on day one for roughly 96.4% of exports (by value). This applies to a wide range of goods that are now subject to a 4%–5% customs charge in Australia.

Textiles and apparel, a few agricultural and seafood products, leather goods, furniture, sporting goods, jewellery, machinery, electrical items, and railroad trains are all labour-intensive industries that would greatly benefit.

In 2021–22, India’s goods exports were USD 8.3 billion while its total imports were USD 16.75 billion.

Piyush Goyal, the minister of commerce and industry, has previously indicated that the pact will assist increase bilateral trade from USD 27.5 billion at present to USD 45-50 billion over the course of the following five years.

Logo2
NRI Affairs News Desk

NRI Affairs News Desk

NRI Affairs News Desk

Related Posts

Outrage as NZ church leader burns religious and cultural flags at anti-immigration protest
News

Outrage as NZ church leader burns religious and cultural flags at anti-immigration protest

June 24, 2025
VIDEO: Racist Backlash After Air India Tragedy Sparks Outcry Among Australian Indian Community Leaders
People

VIDEO: Racist Backlash After Air India Tragedy Sparks Outcry Among Australian Indian Community Leaders

June 23, 2025
Who Is Zohran Mamdani? The NYC Mayoral Candidate Stirring Global Debate
Other

Indian Americans rally behind Zohran Mamdani’s mayoral bid despite right-wing criticism

June 23, 2025
Next Post
Indian family in Singapore charged for starving and torturing a maid

Indian family in Singapore charged for starving and torturing a maid

India stops mandating Air Suvidha forms for foreign travellers

India stops mandating Air Suvidha forms for foreign travellers

UAE prohibits entry for passports with a single name

UAE prohibits entry for passports with a single name

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

International Students in Australia to Face New Visa Rules and Work-Hour Cap from July 1

International Students in Australia to Face New Visa Rules and Work-Hour Cap from July 1

2 years ago
Smantha Graham with her friends in Bombay in 1988. Photo: Supplied

India changed my life forever: Samantha Graham

3 years ago
Human Rights Arts & Film Festival returns to Melbourne on Thursday Apr 28 

Human Rights Arts & Film Festival returns to Melbourne on Thursday Apr 28 

3 years ago
International students in Australia

Budget 2021: Employment pathways for students will help, but nothing for the universities

4 years ago

Categories

  • Business
  • Events
  • Literature
  • Multimedia
  • News
  • nriaffairs
  • Opinion
  • Other
  • People
  • Student Hub
  • Top Stories
  • Travel
  • Uncategorized
  • Visa

Topics

Air India Australia california Canada caste china COVID-19 cricket election Europe Gaza Germany Green Card h1b visa Hindu immigration India Indian Indian-American Indian-origin indian diaspora indian origin indian student Indian Students Khalistan London Modi Narendra Modi New Zealand NRI NSW Pakistan Palestine Racism Singapore student students travel trump UAE uk US USA Victoria visa
NRI Affairs

© 2025 NRI Affairs.

Navigate Site

  • About
  • Advertise
  • Contact

Follow Us

No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Student Hub
  • Business
  • Travel
  • Events
  • Other

© 2025 NRI Affairs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
WP Twitter Auto Publish Powered By : XYZScripts.com