An additional 10 lakh jobs are estimated to be created in India under ECTA
New Delhi: With the ratification processes and the necessary domestic requirements, including internal legal procedures completed, India and Australia have exchanged written notifications that will make the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) effective from December 29, 2022.
The Ind-Aus ECTA was signed between the two countries on April 2, 2022.
Duties on 100 per cent tariff lines are to be eliminated by Australia under the agreement and it is expected that with this agreement, the total bilateral trade will cross US$ 45-50 billion in 5 years from the existing US$ 31 billion.
It is estimated that an additional 10 lakh jobs would be created in India under ECTA. Indian Yoga teachers and chefs are set to gain with the annual visa quota. Over 1 lakh Indian students would benefit from post-study work visas (1.5-4 years) under the ECTA. The agreement is also likely to increase investment opportunities, promote exports, create significant additional employment and facilitate strong bonding between the two countries.
Australia is an important strategic partner of India. They are also part of the four-nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF). The Indian Ministry of Commerce & Industry stated that ECTA will open a new chapter on India-Australia Comprehensive Economic Partnership between two vibrant economies with shared interests and trade complementarities. The Agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two countries.
– global bihari bureau
