Kolkata, Apr 26 (PTI) India-Australia Economic Cooperation and Trade Agreement is going to strengthen not only the bilateral trade between the two countries but also improve India’s image in the world post-RCEP, said a professor of a policy research institute.
India had in November 2019 opted out of the 15-nation Regional Comprehensive Economic Partnership, which is touted as the world’s largest trading bloc.
“Australia-India ECTA is a great trade deal, which is going to strengthen not only bilateral trade between the two trade partners but also improve India’s image post-RCEP,” Research and Information System for Developing Countries professor Prabir De said in a round table discussion organised by the Bengal Chamber on Monday.
India and Australia had on April 2 signed an economic cooperation and trade agreement under which Canberra would provide duty-free access in its market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery.
The agreement is likely to be implemented in about four months.
During the round table discussion, Australian High Commission’s Economic and Public Affairs Counsellor Hugh Boylan highlighted benefits of the deal, which would help in taking the bilateral trade from USD 27.5 billion at present to USD 45-50 billion in the next five years.
This is the first trade agreement that India has signed with a developed economy after more than a decade.
Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner.
The Bengal Chamber president Abraham Stephanos said it is important for businesses to understand the opportunities unlocking from the trade agreement and the chamber is actively acting as a facilitator. PTI BSM BDC BDC
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