Australian businesses are set to reap the rewards of strengthened ties with India following the Phase One Agreement of the Australia-India Economic Commercial and Trade Agreement (AI-ECTA) announced today.
“This Agreement is the start of an important new phase in Australia’s relationship with one of our most significant economic partners and will see Australia business benefit from diversified global supply chains,” ACCI chief executive Andrew McKellar said.
“India is one of the world’s fastest growing economies and is a key economic and trading partner with two-way trade between our countries worth $24.3 billion in 2020. The AI-ECTA gives Australian exporters preferential access to a market of nearly one and a half billion customers.
“Business has played an important role in the development of the AI-ECTA and welcomes the opportunities this partnership provides for the comprehensive and substantial exchange of goods and services, including tourism and education.
“This Agreement is an important and timely development which is consistent with the World Trade Organisation and reinforces the global rules-based trading system.
“ACCI supports the signing of the interim agreement and will continue to work with both the Australian and Indian Governments to complete the full AI-ECTA by the end of 2022.
