Indo-Aus trade pact from Dec 29; several goods to get duty-free access
The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market.
The agreement will help almost double the bilateral commerce to USD 45-50 billion in around five years, according to exporters and industry players.
The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.
Labour-intensive sectors which would gain immensely include textiles and apparel, a few agricultural and fish products, leather, footwear, furniture, sports goods, jewellery, machinery, and electrical goods.
Federation of Indian Export Organisations (FIEO) Vice-President Khalid Khan said that Australia is one of the key markets for Indian exporters.
"This agreement will give immense