India-Australia trade agreement: 4 takeaways for Indian sellers

Twitter/@PiyushGoyal

The latest tittle-tattle amongst the import-export businesses in India is the new treaty between India and Australia:

The India-Australia Economic Cooperation and Trade Agreement.

Ind-Aus ECTA sounds like some juice for Indian import-export companies as it will open new markets for Indian exports and allow cheaper sourcing alternatives for Indian companies.

Scott Morrison, the prime minister of Australia, calls it “two dynamic regional economies, like-minded democracies, working together for mutual benefit.”

Prime Minister Narendra Modi mentions it as a “watershed moment.”

What are the facts you should know?

• On 2nd April 2022, Minister for Trade, Tourism, and Investment, Dan Tehan (Australia), and Commerce and Industry Minister Piyush Goyal (India) signed it in a virtual ceremony in the presence of Hon. Indian PM Narendra Modi and Australian PM Scott Morrison.
• It is a free trade agreement that will allow barrier-free trade
• It is expected to double the trade between the two nations in the next five years.
• This is India’s first trade agreement with a developed country in the last decade.