02/12/2022
NEWS JUST IN: Ind-AUS ECTA to enter into force on 29 December 2022
Over the next 20 years, a growing India will need many of Australia's goods and services, including agriculture, critical minerals, education and skills training, and healthcare.
The Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) will open new markets for exporters and service suppliers in many sectors and bring us closer to one of our most important Indo-Pacific partners.
The India-Australia ECTA and the provisions thereof which has been arrived at after extensive consultations with all relevant stakeholders, will further cement the already deep, close and strategic relations between the two countries and will significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of the two countries.
How will this benefit Australia?
This new agreement will impact the following service-based sectors in Australia:
Higher education and adult education
Business services (tax, medical and dental, architectural and urban planning)
Research and development
Communication, construction and engineering
Insurance, banking
Hospital, audiovisual and tourism and travel.
The AI-ECTA contains commitments for both countries to make publicly available their laws, regulations, decisions and rulings with regards to the Trade in Goods chapter, making it easier for Australian businesses doing business in India.
The AI-ECTA contains commitments to strengthen the bilateral trade relationship with India. Consultations on trade issues will be undertaken via a Committee on Trade in Goods that will be established under the agreement.
