Saturday 21 May 2022
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Australia-India deal to generate 1 million jobs

Textiles, agricultural and fish products, leather, footwear, furniture, sports goods, jewellery, machinery, electrical goods and railway wagons will gain immensely from the agreement with Australia

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The India- Economic Cooperation and Trade Agreement was inked today in a virtual ceremony attended by Prime Minister Narendra Modi, his Australian counterpart Scott Morrison, Commerce Minister Piyush Goyal and his counterpart Dan Tehan. The agreement, signed through an interim means, will benefit Indian exporters from over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery. The pact was inked as India and Australia relations went for 10 years in the making.

The agreement bears the signature of Modi in more ways than one. His dealings with the private sector since the time he was the Gujarat chief minister have always been oriented to employment.

“Consensus on such an important agreement in such a short period of time shows the mutual trust between the two countries. This is truly a watershed moment for our bilateral relations,” said Prime Minister Modi after signing the deal.

“There is great potential between our two economies to fulfil the needs of each other. With this agreement, we will be able to benefit from opportunities. On the basis of this agreement, together we will be able to contribute to increasing supply chains resilience and stability of Indo-Pacific region,” he said.

Prime Minister Scott Morrison said that the trade pact signed with India will further “deepen our close ties.” “The pace and scale of our cooperation since we announced our comprehensive, strategic partnership has been remarkable. The $ 282 million in new initiatives that my government has announced including at the summit will drive our expanding cooperation,” he said.

Morrison said Saturday’s deal was the single largest Australian investment in India but this will not be the last. “The signing of the IndAus Agreement further develops on the promise of our economic relationship,” he said.

Noting that the IndAus ECTA symbolises the unity and the deep bonds between people of both the countries, Indian Commerce Minister Piyush Goyal, addressing a press conference later, said, “It is a historic day for our ties and is the first agreement India has entered with a large developed economy in a decade.”

“We expect one million jobs creation in India in next four to five years. A number of new opportunities will open for Indian chefs and yoga instructors in the time to come. We have also discussed the cooperation of education institutions between India and Australia,” he said.

The agreement will help take bilateral trade from $ 27 billion to $ 50 billion in the next five years, Goyal said. is offering zero duty access to India for about 96.4% of exports (by value) from day one. This covers many products which currently attract 4-5% duty in Australia.

intensive sectors that will gain immensely from the agreement with are textiles and apparel, some agricultural and products, leather, footwear, furniture, sports goods, jewellery, machinery, electrical goods and railway wagons. Australia is the seventeenth largest trading partner of India, while New Delhi is Canberra’s ninth largest partner. Bilateral trade in goods and services stood at $ 27.5 billion in 2021.

India’s goods exports were worth $ 6.9 billion and imports aggregated to $ 15.1 billion in 2021. Major exports by India to include petroleum products, textiles and apparels, engineering goods, leather, chemicals and gems and jewellery.

Imports mainly include materials, coal, minerals and intermediate goods.

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