India signs trade agreement with Australia
India has signed a trade agreement with Australia. The two countries virtually signed the agreement on Saturday. The Prime Ministers of both the countries took part in this virtual event. Qatar-based Al Jazeera reported the news in a report.
According to the Hindustan Times of India, the agreement will end the impasse between the two countries and facilitate bilateral trade. This will benefit both parties.
Over the next five years, India’s exports to Australia are expected to increase from 28 billion to 45 billion.
Union Commerce Minister Piyush Goyal spoke about the agreement. “Our exports to Australia have grown at an all-time high in the last 12 months,” he said. The agreement will further strengthen the India-Australia partnership.
According to Reuters, the new agreement exempts taxes on over 75 per cent of Australian goods imported into India. The export value of these items is about 12.6 billion Australian dollars. Australia will no longer have to pay taxes to India on exports of many items such as mutton, wool, copper, coal, alumina, fresh Australian rock lobster.
Regarding the agreement, Indian Prime Minister Narendra Modi said, “Consensus on such an important agreement in such a short period of time shows the mutual trust between the two countries. This is truly a historic moment for our bilateral relations. “
Australian Prime Minister Scott Morrison said: “Our level of cooperation has increased significantly since the announcement of the Strategic Partnership in a Wider Area.
