India-Australia Trade Agreement To Open A Host Of Opportunities For Both The Economies: EY Analysis
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This alert summarises the India-Australia Economic Cooperation and Trade Agreement signed on April 2, 2022. The pact is expected to increase bilateral trade in goods and services from the existing $ 27.5 billion to $ 45 billion in five years and create over one million jobs in India.
Apart from increased trade and economic cooperation, Ind-Aus ECTA will further deepen the people-to people contacts between the two countries by expanding work, study, and travel opportunities.
The industry is looking forward to the benefits Ind-Aus ECTA shall bring about. Our exporters may benefit from preferential market access provided by Australia on 100% of its tariff lines.
This includes all the labour-intensive sectors of export interest to India such as textiles, gems and jewellery, leather, footwear, food, and agricultural products, engineering products, medical devices, and automobiles.
Further, since Australian exports to India are concentrated primarily in raw materials and intermediates, many industries in India may get cheaper raw materials thereby becoming more competitive. E.g., thermal power plants may get cheaper thermal coal, steel industry shall be able to procure cheaper coking coal and manganese, thereby making final goods cheaper.
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