Introduction
The Australia-India Economic Cooperation and Trade Agreement (ECTA), which came into effect in December 2022, marks a significant milestone in the bilateral relationship between two dynamic economies. This agreement is part of the broader push to increase economic cooperation and trade flows between Australia and India. It opens up unprecedented opportunities for businesses across a range of industries by reducing or eliminating tariffs, improving market access, and easing restrictions on professional services.
For businesses in sectors such as Information Technology, Artificial Intelligence (AI), Cyber Security, Mining & Construction, Green Energy, Sustainability, Manufacturing, and many more, the ECTA presents a framework that makes cross-border operations more accessible and cost-effective. This article explores the key benefits of the ECTA for both Indian and Australian businesses, with a focus on relevant sectors.
Key Benefits of the ECTA for Bilateral Trade
The ECTA is designed to promote greater market access and enhance the ease of doing business across the two nations. For Indian businesses, the standout provision of the ECTA is zero-duty market access for approximately 96% of Indian exports to Australia. This preferential access includes key industries such as textiles, leather goods, jewellery, engineering products, and pharmaceuticals.
For Australian businesses, India has offered preferential ...
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