India and Australia have exchanged written notifications after signing of the India-Australia Comprehensive Economic Cooperation Agreement (Ind-Aus ECTA) on 2 April 2022 and the completion of the ratification processes and the necessary domestic requirements, including internal legal procedures.
The Ind-Aus ECTA is a free trade agreement between India and Australia which aims to promote economic growth of the two countries by eliminating barriers to trade and providing a framework for economic cooperation.
The agreement will lead to the elimination of tariffs on a wide range of products, including electronics, chemicals, pharmaceuticals, and textiles. It will also facilitate the movement of professionals between the two countries, and introduce new measures to enhance the investment climate.
The two countries have also agreed to cooperate on energy security, digital economy, and services sectors to further strengthen economic ties. The agreement is expected to increase the bilateral trade between India and Australia by more than 30%, and create more than 1 million jobs in the two countries.
The agreement is seen as a major step forward in the economic ties between the two countries. It is expected to open up new opportunities for businesses and investors in both countries, and create a more conducive environment for growth and development.
The written notifications exchanged between India and Australia marks the completion of the ratification process and the completion of all necessary domestic requirements, including internal legal procedures. This will allow the agreement to come into force and will pave the way for the two countries to reap the benefits of the Ind-Aus ECTA.