India, Australia FTA to come into force from December 29
New Delhi, November 30
India and Australia on Wednesday exchanged written notifications on the signing of the FTA which will as result now enter into force on December 29.
The India-Australia Economic Cooperation and Trade Agreement (ECTA), as the FTA is known, was signed on April 2 this year.
“Industries, businesses, students and professionals on both sides are eager to avail the opportunities arising through this agreement. It will also promote people to people contact between the two democracies,” said a Commerce Ministry statement.
As a result, bilateral trade is expected to cross USD 45-50 billion in five years from the existing USD 31 billion.
The government estimates that an additional 10 lakh jobs would be created in India due to the ECTA. Indian yoga teachers and chefs in particular are set to gain annual visa quotas. Over one lakh Indian students would benefit from a post-study work visa (1.5-4 years) under the ECTA.
