India-Australia trade deal to make big difference through closer economic cooperation: High Commissioner O' Farrell

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New Delhi, Feb 16 (PTI) The India-Australia trade deal would make a "big difference" through closer economic cooperation between the nations, Australian High Commissioner to India Barry O'Farrell said.

The Economic Cooperation and Trade Agreement (ECTA) between India and Australia came into force on December 29, 2022.

Observing that the India-Australia relationship has been lacking business-to-business ties, the Australian High Commissioner asserted that the trade deal would make a "big difference" through closer economic cooperation.

He was addressing a gala awards night organised by the India Australia Business & Community Alliance on Wednesday.

India's imports from Australia stands at USD 17 billion while its exports to that nation is USD 10.5 billion, according to an official statement in January.

The agreement will benefit various labour-intensive Indian sectors that are currently subjected to 5 per cent import duty by Australia and result in immediate market access at zero duty to 98.3 per cent of tariff lines accounting for 96.4 per cent of India's exports to Australia in value terms.

The total bilateral trade is expected to cross USD 45-50 billion by 2035. In 2023, India Australia Business & Community Alliance (IABCA) entered its 10th year. PTI RSN ANU ANU