https://en.bharatpedia.org/w/index.php?action=history&feed=atom&title=Economic_Cooperation_and_Trade_AgreementEconomic Cooperation and Trade Agreement - Revision history2026-08-20T03:14:34ZRevision history for this page on the wikiMediaWiki 1.43.6https://en.bharatpedia.org/w/index.php?title=Economic_Cooperation_and_Trade_Agreement&diff=498123&oldid=prevJeanetteBracegir: starting pg!2024-03-13T15:17:51Z<p>starting pg!</p>
<p><b>New page</b></p><div>{{Short description|India -Australia trade pact}}<br />
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'''"Economic Cooperation and Trade Agreement"''' is the first trade agreement between [[India]] and [[Australia]]. [[Piyush Goyal]] Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and [[Textile]]s said while addressing a [[press conference]] on the ECTA. Australia has approved the trade pact between these two countries in its Parliament.<ref name="Ref1">{{cite news |last1=Bhattacherjee |first1=Kallol |title=Economic Cooperation and Trade Agreement with Australia will significantly open up opportunities for Indian businesses: Piyush Goyal |url=https://www.thehindu.com/business/Economy/economic-cooperation-and-trade-agreement-with-australia-will-significantly-open-up-opportunities-for-indian-businesses-piyush-goyal/article66169130.ece |access-date=25 November 2022 |work=The Hindu |date=22 November 2022 |ref=Trade pact |language=en-IN}}</ref><br />
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== Bilateral relations ==<br />
India signed the "Economic Cooperation and Trade Agreement" with the earlier Australian Prime Minister [[Scott Morrison]]. Indian Prime Minister [[Narendra Modi]] and Australian Prime Minister [[Anthony Albanese]] along with commerce minister, Piyush Goyal and [[Don Farrell]] trade, tourism and investment minister of Australia struck the first trade deal in a decade.<ref name="Bilateral relations">{{cite news |last1=Joshi |first1=Rakesh Mohan |title=India-Australia ECTA is a landmark in bilateral relations, will deepen ties |url=https://indianexpress.com/article/opinion/columns/india-australia-ecta-free-trade-agreement-8286252/ |access-date=25 November 2022 |work=The Indian Express |date=24 November 2022 |language=en}}</ref> Piyush Goyal union minister of commerce and industry shared the news after Prime Minister of Australia, Anthony Albanese confirmed the passing of the trade agreement by the [[Parliament of Australia|Australian Parliament]].<ref name="ref 2">{{cite web |title=Duties on 100 percent tariff lines to be eliminated by Australia under the landmark India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA): Shri Piyush Goyal |url=https://pib.gov.in/PressReleasePage.aspx?PRID=1878109 |website=pib.gov.in |access-date=25 November 2022}}</ref><br />
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== Impact of the trade pact ==<br />
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* Australia offered to eliminate duties on 100 percent tariff lines under the agreement.<br />
* The bilateral trade agreement is estimated to increase from the present $31 billion to $45 to 50 billion in another five years.<br />
* The trade pact will provide a fillip to the Gems and Jewellery sector of India, which are export-oriented.<ref>{{cite news |title=Australian media hails trade deal with "unstoppable" India |url=https://thenewsmill.com/2022/11/australian-media-hails-trade-deal-with-unstoppable-india/ |access-date=25 November 2022 |work=The News Mill |date=25 November 2022}}</ref><br />
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== References ==<br />
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[[Category:Commercial treaties]]<br />
[[Category:International economics]]<br />
[[Category:Bilateral relations of India]]<br />
[[Category:Bilateral relations of Australia]]</div>JeanetteBracegir