India Australia Trade agreement to come into force from 29 December 2022

Tags: Economy/Finance

The Union Commerce and Industry Minister Piyush Goel has tweeted on 30 November 2022 that the India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) will come into force from 29 December 2022.

The trade agreement wassigned between the two countries on 2 April 2022 and it was ratified by the Australian Parliament on 22 November 2022. With the completion of the legal and political formalities the government of both the countries has decided to implement the provisions of the trade agreement from 29 December 2022.

Under the trade agreement both the countries will reduce tariffs on agreed goods and services. 

The trade agreement will give a boost to the close economic ties between the two countries. It is expected to boost bilateral trade from the present USD 31 billion to USD 45-50 billion in the next 5 years.