The India-Australia Trade Agreement
On April 2, India and Australia signed an Economic Cooperation and Trade Agreement (ECTA). Under this agreement, India will give 85% of Australia’s exports zero-duty access to its domestic market. India is expected to get zero-duty access to Australia for its goods over five years.
What are the main features?
- Rule of Origin- It has a section on goods exports, and lays out clearly “Rules of Origin” that are aimed at creating anti-dumping measures.
- Remedies -There are also sections that are aimed at providing remedies and mechanisms for resolving trade disputes.
- Review mechanism -The Commerce Ministry underlined that this is the first trade deal signed by India that has a compulsory review mechanism after 15 years of implementation.