NEW DELHI/BENGALURU: National Chair of the Australian India Business Council, Jodi McKay, today welcomed the finalisation of the Australia-India Economic Cooperation and Trade Agreement (ECTA) as a “watershed moment” in the history of the economic and commercial relationship between the two nations.
McKay said the agreement was the first step toward a Comprehensive Economic Cooperation Agreement in 2023.
“The Agreement that came into force yesterday, 29th December, 2022 means that 85% of tariffs on Australian exports to India will be eliminated, with a phasing down of tariffs on an additional 5% of goods. This will be looked back on as a momentous day with the social and cultural ties between our two nations now joined by a special trade relationship” McKay said, who is currently in India along with the AIBC National Associate Chair Irfan Malik from Australia, who are meeting with key government and business stakeholders.
Irfan Malik said the AIBC would be working hard throughout 2023 in helping Australian and Indian businesses realise the wealth of bilateral opportunities that the Agreement has opened up. It’s why the Australia-India Business Council’s (AIBC) leadership team is in India, visiting six cities in nine days in Jan 2023, to actively promote the wealth of bilateral opportunities available to businesses under the Australia-India Economic Cooperation and Trade Agreement (AI ECTA).
“India is our seventh largest trading partner – but with the Australia-India ECTA, India will only grow in importance for Australian exporters. Sectors like education, agriculture, wine, critical minerals, pharmaceuticals – all areas where Australia has natural and competitive advantages – will now have greater access to a market of almost 1.5 billion customers. Over One lakh Indian Students to benefit from post study work visa,” McKay said.
“The diaspora is so important in our relationship with India and I look forward to continuing to support their involvement as a “living bridge” between our two nations. To have the ECTA in place by the end of the year shows the determination, confidence and positive atmosphere between our two nations in locking in this landmark agreement,” McKay added.
Ravneet Pawha, National Vice-Chair, Australia India Business Council, added, “With its many impactful provisions and significant clauses, ECTA has infused new energy into the India Australia relationship that will pave the way for cooperation across trade, education, and employment. This visionary deal between the two countries, with its provision of extended post-study work visas, intensifying bilateral research and mutual recognition agreements, will enable students from both countries to realise their full potential. The agreement will increase investments in both countries, bolster bilateral trade, encourage business growth, foster knowledge exchange, and create new avenues of employment.”
The National Associate Chair AIBC, Irfan Malik underlined “the need to create awareness across business and industry sectors both in India and Australia with a view to get some early success stories and case studies of businesses leveraging the ECTA Opportunities. This would enable further traction on bi-lateral opportunities and
assist in driving successful business to business outcomes bi-laterally”.
These outreach and engagement being organised in January 2023 across various states in India is expected to spark-off awareness of business opportunities, with bilateral pathways and market access initiatives that would be facilitated by AIBC in the year ahead in 2023.
McKay said the agreement was the first step toward a Comprehensive Economic Cooperation Agreement in 2023.
“The Agreement that came into force yesterday, 29th December, 2022 means that 85% of tariffs on Australian exports to India will be eliminated, with a phasing down of tariffs on an additional 5% of goods. This will be looked back on as a momentous day with the social and cultural ties between our two nations now joined by a special trade relationship” McKay said, who is currently in India along with the AIBC National Associate Chair Irfan Malik from Australia, who are meeting with key government and business stakeholders.
Irfan Malik said the AIBC would be working hard throughout 2023 in helping Australian and Indian businesses realise the wealth of bilateral opportunities that the Agreement has opened up. It’s why the Australia-India Business Council’s (AIBC) leadership team is in India, visiting six cities in nine days in Jan 2023, to actively promote the wealth of bilateral opportunities available to businesses under the Australia-India Economic Cooperation and Trade Agreement (AI ECTA).
“India is our seventh largest trading partner – but with the Australia-India ECTA, India will only grow in importance for Australian exporters. Sectors like education, agriculture, wine, critical minerals, pharmaceuticals – all areas where Australia has natural and competitive advantages – will now have greater access to a market of almost 1.5 billion customers. Over One lakh Indian Students to benefit from post study work visa,” McKay said.
“The diaspora is so important in our relationship with India and I look forward to continuing to support their involvement as a “living bridge” between our two nations. To have the ECTA in place by the end of the year shows the determination, confidence and positive atmosphere between our two nations in locking in this landmark agreement,” McKay added.
Ravneet Pawha, National Vice-Chair, Australia India Business Council, added, “With its many impactful provisions and significant clauses, ECTA has infused new energy into the India Australia relationship that will pave the way for cooperation across trade, education, and employment. This visionary deal between the two countries, with its provision of extended post-study work visas, intensifying bilateral research and mutual recognition agreements, will enable students from both countries to realise their full potential. The agreement will increase investments in both countries, bolster bilateral trade, encourage business growth, foster knowledge exchange, and create new avenues of employment.”
The National Associate Chair AIBC, Irfan Malik underlined “the need to create awareness across business and industry sectors both in India and Australia with a view to get some early success stories and case studies of businesses leveraging the ECTA Opportunities. This would enable further traction on bi-lateral opportunities and
assist in driving successful business to business outcomes bi-laterally”.
These outreach and engagement being organised in January 2023 across various states in India is expected to spark-off awareness of business opportunities, with bilateral pathways and market access initiatives that would be facilitated by AIBC in the year ahead in 2023.
