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Australia-India Trade Agreement, Australia-India Tariff Agreement, Australia-India Relations: Trade Agreement With India Will Open “Biggest Economic Door”: Australian PM Scott Morrison


Australia-India Agreement: The agreement will see 96% of imports of Indian goods enter Australia tax-free.

Sydney:

Australian Prime Minister Scott Morrison said the trade deal with India to be signed on Saturday represented “one of the biggest economic doors to be opened in the world today”.

Morrison is expected to hold general elections in a few days, and is looking forward to getting the trade deal before the campaign begins, after negotiating with India for a decade.

The Australia-India Economic and Trade Cooperation Agreement will be signed in a virtual ceremony by Minister of Trade Dan Tehan and Indian Minister of Trade & Industry Piyush Goyal, and the two countries will continue to work towards a full free trade agreement, the federal government said on Friday.

Speaking to reporters in Tasmania, Morrison said he and Prime Minister Narendra Modi would witness the virtual ceremony.

“This is not all or no agreement as far as we are concerned, we see all this as the next step and the next step and the next step,” he said, expressing the desire of the two countries to build closer trade ties.

The Morrison government is working to diversify export markets and reduce Australia’s dependence on its biggest trading partner China, after diplomatic disputes caused Beijing to approve certain Australian products.

The agreement with India eliminates tariffs on more than 85% of Australian exports of goods to India, valued at A $ 12.6 billion, rising to almost 91% in 10 years.

Tariffs will be abolished on mutton, 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 imports of Indian goods enter Australia tax -free.

(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)

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