Nationals Senator for Victoria, Bridget McKenzie, has welcomed the trade deal between Australia and India because it will create jobs and opportunities for the region.
On Saturday (2 April), both countries signed the Australia-India Economic Cooperation and Trade Agreement (AI ECTA). Under the deal:
- Tariffs will be eliminated on more than 85 per cent of Australian goods exports to India (valued at more than $12.6 billion a year), rising to almost 91 per cent (valued at $13.4 billion) over ten years.
- Australian households and businesses will benefit, with 96 per cent of Indian goods imports entering Australia duty-free on entry into force.
- Both countries will facilitate the recognition of professional qualifications, licensing, and registration procedures between professional services bodies in both countries.
- Australian services suppliers in 31 sectors and sub-sectors will be guaranteed to receive the best treatment accorded by India to any future free trade agreement partner.
Senator McKenzie said India and Australia have a strong relationship built on shared values and a commitment to a free and stable Indo Pacific.
“India is a great friend of Australia, and this trade deal will bring that relationship to new heights,” she said.
“This deal will open up new opportunities for our local farmers, miners and service industries which means more jobs in Victoria and a stronger economy.
“Australian exports to India are expected to grow to around $45 billion by 2035, lifting India into our top three export markets.”
Minister for Trade, Tourism and Investment Dan Tehan said AI ECTA would build prosperity and cooperation between our countries.
“This agreement will turbocharge our close, long-standing and highly complementary economic relationship in professional services, education and tourism,” Mr Tehan said.
“AI ECTA will create new opportunities for jobs and businesses in both countries while laying the foundations for a full free trade agreement.”
In 2020, India was Australia’s seventh-largest trading partner, with two-way trade valued at $24.3 billion and the sixth-largest goods and services export market, valued at $16.9 billion. Our Government’s goal is to lift India into our top three export markets by 2035 and make India the third-largest destination in Asia for outward Australian investment.
Senator McKenzie: Chris Williams | 0448 901 016