Today we will Know about the historic economic cooperation and free trade agreement between India and Australia.
India and Australia on Saturday, April 2, signed an economic cooperation and trade agreement to boost their economic ties.
Let us tell you that after about 10 years, India has made this type of economic cooperation and trade agreement with any developed country.
After the economic cooperation and trade agreement between India and Australia, both the countries will no longer have to depend on China for supply chain.
Today we will know what will be the effect of the trade agreement between India and Australia across the two countries.
Features of India-Australia Trade Agreement
Under this trade agreement, Australia will give duty-free access to more than 95 per cent of Indian goods in its market, including textiles, leather, jewelery and sports products.
The economic cooperation and trade agreement is expected to create one million jobs in India in the next 4-5 years.
Under this agreement, cooperation of educational institutions between India and Australia was also discussed. This will open up new opportunities for chefs and yoga instructors.
The India-Australia Trade Agreement will help increase bilateral trade from $27 billion to $45-50 billion in the next five years.
Let us tell you that at present there are many products which used to attract customs duty of four to five percent in Australia, which will now be exempted.
PM Narendra Modi and Australian PM Scott Morrison were also present on the occasion of the Economic Cooperation and Trade Agreement between India and Australia.
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