A Free Trade Agreement with India has passed through the Australian Parliament, said its Prime Minister Anthony Albanese.
Prime Minister Narendra Modi thanked the Australian leader and said the move would further strengthen the India-Australia Comprehensive Strategic Partnership.
Australia-India Economic Cooperation and Trade Agreement (ECTA)
The pact applies to both goods and services.
The agreement will eliminate tariffs on over 90 percent of Australian exports to India by value.
India would not charge a tariff on products such as sheepmeat, cotton, nuts, and avocados and will reduce the 150 percent tariff on bottled wine (above $5).
Speaking of the benefits to India, Minister Piyush Goyal said Indian companies in pharma, gems, and jewelry could see better exports, while the job sector in the country could benefit from Australian companies setting up local manufacturing units.
Apart from trade, the mobility clause in the agreement would better facilitate the movement of people between the countries.