After decade of negotiations, India and Australia today signed ‘Historic’ trade agreement.
And this will significantly benefit India’s textile and apparel industry also. As per the Government of India, India’s exports of textiles and apparel are expected to reach US $ 1,100 million in the next 3 years from the current US $ 392 million.
Importantly, this will create additional employment of 40,000 persons per year.
In a virtual ceremony today, the interim Australia-India Economic Cooperation and Trade Agreement was signed by Piyush Goyal, Minister of Commerce & Industry and Textiles and Dan Tehan, Australian Trade Minister.
The same was witnessed by Australian Prime Minister Scott Morrison and his Indian counterpart Narendra Modi.
Most of the goods that India exports to Australia currently attract a 5 per cent import duty. Now India has immediate duty-free access to labour-intensive sectors like textiles and apparel, leather, etc.
Narendra Modi called the pact ‘a truly watershed moment for India-Australia relations’.
Piyush Goyal tweeted that today, we turn a new leaf in India-Australia ties. The historic Economic Cooperation & Trade Agreement gets inked on the auspicious occasion of ‘Gudi Padwa’.It is a prelude to the exponential growth prospects of our trade and investments in the years to come.
This initiative will also help the industry to import raw materials like fabric and garments from Australia on cheaper rates.
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Image Courtesy: www.abc.net.au