The Aus-India Economic Cooperation and Trade Agreement (ECTA) will enter into force on 29 December, announced Australia’s high commissioner to India Barry O’Farrell on Wednesday. “The date is set! The Aus-India Economic Cooperation and Trade Agreement will enter into force on 29 December, delivering new market access opportunities for both countries and securing the friendship in the decades to come,” ambassador O’Farrell tweeted.
This announcement comes a week after Australian Prime Minister Anthony Albanese said that the country’s Free Trade Agreement (FTA) with India has passed through its Parliament. “BREAKING: Our Free Trade Agreement with India has passed through parliament,” Albanese tweeted on November 22.
This trade agreement will deliver new market access opportunities for Australian businesses and consumers from December 29. Australia finalised its domestic requirements for the trade agreement last week with the unanimous passage of the government’s bills through Parliament. ECTA is a ground-breaking agreement that brings Australia and India’s economies closer together. From December 29, tariffs on 85 per cent of Australia’s exports to India will be eliminated and high tariffs on a further 5 per cent of goods will be phased down.