Australia-India Trade Pact Comes Into Force Today, India's Export Market Valued At $24 Billion
NDTV
"Entry into force this year means Australian exporters will benefit from two tariff cuts in quick succession, the first takes place today and the second, on 1 January 2023," read an official statement from the Australian government.
The Australian government has welcomed the Australia-India Economic Cooperation and Trade Agreement (ECTA), which came into force starting today.
An official statement from the Australian side that the trade agreement underscores the commitment to delivering opportunities to diversify trade that are commercially meaningful for Australian businesses.
From today, Australian businesses will have greater access to the Indian market of 1.4 billion people, and one of the world's fastest-growing major economies.
"A serious window of opportunity has opened for our exporters to move into an export market valued at over $24 billion in 2021, ahead of many of our key competitors," read the statement. "Entry into force this year means Australian exporters will benefit from two tariff cuts in quick succession, the first takes place today and the second, on 1 January 2023."
