The FTA (Free Trade Agreement) between India and Australia will come into effect from December 29, which will result in doubling the bilateral commerce to $45-50 billion in the next five years. On this agreement, Don Farrell, Australian Minister for Trade and Tourism, said he welcomes this initiative as this will provide Australia access to new markets.
The agreement, signed on April 2, would offer duty-free access to 6000 sectors including textile and apparel, footwear, leather, sports goods, machinery, jewelry, and electrical goods. These also comprise many other products that attract 4 -5 % customs duty in Australia. In FY 21-22, imports from Australia were $16.75 billion and exports to Australia were $8.3 billion, but with this agreement, the export number is set to increase.