Date: 02/12/2022

India-Australia ECTA to come into effect on Dec. 29

Post signing of the India-Australia Economic Cooperation and Trade Agreement (Ind.-Aus. ECTA) on April 2, 2022 and completion of the ratification processes and the necessary domestic requirements, including internal legal procedures, India and Australia have exchanged written notifications. The Agreement will enter into force 30 days after this exchange, in accordance with Article 14.7 of the Agreement. Accordingly, it will come into effect from December 29, 2022.
The India-Australia ECTA is expected to significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of the two countries. Total bilateral trade is projected to cross US$45-50 bn in 5 years from the existing US$31 bn. It will help in facilitating a resilient supply chain wherein cheaper raw materials and intermediate products from Australia will be made available to make India’s finished products competitive, said a release.
Source: Exim News Service: New Delhi, Dec. 1