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India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA)

  • January 11, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA)

Subject: Polity

  • With Trade pact becoming a reality, Australian Prime Minister is set to visit India.
  • This visit is expected to further bilateral ties that received a boost from the implementation of the Economic Cooperation and Trade Agreement.

Ind-Aus Economic Cooperation and Trade Agreement

  • It is the first Free Trade Agreement (FTA) that India has signed with a major developed country in over a decade.
  • The Agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two friendly countries, and covers areas like:
  • Trade in Goods, Rules of Origin
  • Trade in Services
  • Technical Barriers to Trade (TBT)
  • Sanitary and Phytosanitary (SPS) measures
  • Dispute Settlement, Movement of Natural Persons
  • Telecom, Customs Procedures
  • Pharmaceutical products, and Cooperation in other Areas
  • ECTA provides for an institutional mechanism to encourage and improve trade between the two countries.
  • The ECTA between India and Australia covers almost all the tariff lines dealt in by India and Australia respectively.
  • India will benefit from preferential market access provided by Australia on 100% of its tariff lines.
  • This includes all the labour-intensive sectors of export interest to India such as Gems and Jewellery, Textiles, leather, footwear, furniture etc.
  • On the other hand, India will be offering preferential access to Australia on over 70% of its tariff lines, including lines of export interest to Australia which are primarily raw materials and intermediaries such as coal, mineral ores and wines etc.
  • Under the agreement, Indian graduates from STEM (Science, Technology, Engineering and Mathematics) will be granted extended post-study work visas.
  • Australia will also set up a programme to grant visas to young Indians looking to pursue working holidays in Australia.
  • Annual Visa quota of 1800 is to be instituted for India Yoga teachers and Chefs.
  • It is also estimated that 10 lakh jobs will be created as a result of ECTA.
India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) Polity

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