Australia today signed a historic trade agreement with India, the Australia-India Economic Cooperation and Trade Agreement (“IndAus ECTA”), that will further strengthen the relationship between both countries while making Australian exports to India cheaper and creating huge new opportunities for workers and businesses.
The “IndAus ECTA” was signed by Australia’s Minister for Trade, Tourism and Investment, Dan Tehan and Piyush Goyal, Indian Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles in a virtual ceremony, in the presence of Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi.
This agreement will turbocharge our close, long-standing and highly complementary economic relationship in areas such as critical minerals, professional services, education and tourism.” said Minister Tehan
Both countries will facilitate the recognition of professional qualifications, licensing, and registration procedures between professional services bodies in both countries.
Australian services suppliers in 31 sectors and sub-sectors will be guaranteed to receive the best treatment accorded by India to any future free trade agreement partner, including in higher education and adult education; business services (tax, medical and dental, architectural and urban planning; research and development; communication, construction and engineering; insurance and banking; hospital; audio-visual; and tourism and travel.
Australia will provide new access for young Indians to participate in working holidays in Australia.
Places in Australia’s Work and Holiday program will be set at 1,000 per year and Australia will have two years to implement the outcome.
This is expected to contribute to both workforce requirements and boost tourism to support Australia’s post-COVID recovery.
Read More at https://www.theaustraliatoday.com.au/historic-india-australia-economic-cooperation-and-trade-agreement-indaus-ecta-inked-here-details/