On Tuesday, Australia’s High Commissioner to India, Barry O’Farrell, praised India’s economic stability, saying, “India has markets that may help us thrive in the post-COVID world.”
The Australian High Commissioner congratulated India on becoming the world’s fifth largest economy in an exclusive chat with ANI. “The economies of India and Australia are compatible.” We have aspects that will help India expand, and India has markets that will help us grow in the post-COVID era. When you do trade agreements for democracy. “There must be advantages for both nations,” he remarked.
Barry O’Farrell stated of the India-Australia 1.5 track dialogue, “It is a chance to bring together academics, corporate leaders, and think tankers to debate common issues and see increased cooperation between both countries as we face comparable challenges.
Barry O’Farrell expressed his thoughts on Australia hosting the next Quadrennial, saying, “I am thrilled that Australia will host the Quad Leaders Meeting next year, which means that Prime Minister Modi will pay a visit to Australia… India, Australia, Japan, and the United States are all focused on their respective regions, security, health requirements, and climate change challenges.”
Concerning the Economic Cooperation and Trade Agreement (ECTA) and the Double Taxation Avoidance Agreement (DTAA), he stated that the Australian Government’s obligations will be fulfilled “but democratic nations have to go through a process, and in our case, that’s occurring as soon as possible.”
India and Australia inked an Economic Cooperation and Trade Agreement (IndAus ECTA) on Saturday, which would allow duty-free access to 96% of India’s exports to Australia, including shipments from major industries such as engineering goods, gems and jewellery, textiles, clothing, and leather.
According to official estimates, the treaty would increase bilateral commerce in products and services to USD 45-50 billion over five years, up from roughly USD 27 billion, and create over one million employment in India.
The agreement would also grant zero-duty access to the Indian market to around 85 percent of Australia’s exports, including coal, sheep meat, and wool, as well as lower-duty access to Australian wines, almonds, lentils, and some fruits.
The deal calls for zero-duty access for Indian goods to be increased to 100% over a five-year period.
India and Australia have good bilateral ties that have experienced revolutionary change in recent years, turning into a cordial alliance.
This is a unique alliance defined by common principles such as pluralistic, parliamentary democracy, Commonwealth traditions, increased economic participation, long-standing people-to-people ties, and increased high-level interaction.
During the India-Australia Leaders’ Virtual Summit, the India-Australia Comprehensive Strategic Partnership was launched.
Growing India-Australia economic and commercial interactions contribute to the stability and strength of the two nations’ rapidly diverse and growing bilateral relationship.