India-Australia free trade agreement in effect from December 29

05 Dec 2022 CW Team

A trade agreement between India and Australia will go into effect on December 29, nearly nine months after the two countries signed it. The agreement has been approved by the President of India. The two countries signed an interim free trade agreement in April called the Economic Cooperation and Trade Agreement (ECTA), which the Australian Parliament ratified last week.

As part of the agreement, Australia agreed to eliminate customs duties on 98.3 per cent of traded goods and 100 per cent of tariff lines over a five-year period. India will eliminate customs duties on 40 per cent of products immediately and on 70 per cent of tariff lines over a 10-year period.

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