New Delhi: – In the last few weeks, this is the third time in the last few weeks that PM Modi met Australia’s Scott Morrison. India and Australia inked a key pact on Saturday to boost economic ties in an attempt to “break the trade barriers”, in what is being viewed as a win-win deal for both the countries.
Union Minister Piyush Goyal said as he signed the deal with Australian Trade Minister Dan Tehan, the bilateral trade between the two countries is expected to rise from existing 27 billion USD to 45 billion USD in the next five years. Virtual meeting was attended by Prime Minister Narendra Modi and his Australian counterpart Scott Morrison.
Piyush Goyal said that “India-Australia partnership has been going from strength to strength. Our exports to Australia have grown the highest in the last 12 months. We are looking forward to taking the the speed of negotiations forward.”
Commerce Minister Piyush Goyal also said that it will significantly enhance the 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. Once it gets approval from the Union Cabinet in India and Parliament in Australia, the pact will come into force at a mutually agreed date.
The sources said that Australia is offering zero duty access to India on about 96.4% value of exports from day one and this covers many products, which currently attracts 4-5% customs duty in Australia.
Reuters reported that Tariffs will be scrapped on sheep meat, wool, copper, coal, alumina, fresh Australian rock lobster, and some critical minerals and non-ferrous metals to India. It will see 96 per cent of Indian Goods imports enter Australia duty-free.
Published By : VATSAL KOTHA
Edited By : KRITIKA KASHYAP
