India and Australia inked an economic cooperation and trade agreement (ECTA) on Saturday, under which Canberra will provide duty-free access in its market for over 95 per cent tariff lines, including textiles, leather, furniture, jewellery, machinery and select medical devices.
This is the first trade agreement that India has signed with a developed economy after more than a decade. This agreement was signed at a time when India is already working with other developed countries such as the UK, Canada and the European Union to sign a free trade agreement–an evident shift in India’s strategy.
Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner in the current fiscal. Bilateral trade in goods and services for both the countries is expected to rise from the existing $ 27.5 billion to $ 45 billion in five years.
To arrest a surge in imports and protect the domestic industry, both nations have already worked out a mechanism. The safeguard mechanism will be available for about 14 years from the date of completion of elimination or reduction in tariff.
Officials said that since Australian exports are more concentrated in raw materials and intermediates, many industries in India will get cheaper raw materials and make them competitive, in particular for sectors like steel, aluminum, garments among others.
On the other hand, for the products of export interest of Australia, India is offering concessions mostly on raw materials and intermediates either in the form of tariff elimination, tariff reduction (TR) with or without a tariff-rate quota (TRQ).
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