The trade deal between Australia and India will see the removal of tariffs on more than 85 per cent of goods flowing from Australia to India. Australian exports to India could increase by about 91 per cent over a decade.
Australia and India on Saturday signed a free trade and economic cooperation agreement through an online conference. This is the outcome of negotiations that have been going on between the two countries for a decade. Australian Prime Minister Scott Morrison said the agreement on mutual trade and economic cooperation with the world’s second most populous country is “one of the greatest economic breakthroughs in today´s world”.
Australia’s reasons for the treaty
Morrison said it was the start of a journey, during which the two countries would build an ever closer trading relationship. For Australia, it means strengthening the diversification of its exports. Until now, China has been Australia´s most important trade partner. However, after diplomatic skirmishes, Chinese government has decided to sanction certain types of Australian goods.
Impact on Australian exports
As part of the deal with India, India is expected to remove its tariffs on more than 85 per cent of the items Australia exports to India. The deal will affect more than A$12 billion worth of goods and the volume of exports from Australia to India is expected to increase by 91 per cent over 10 years.
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