'Date is set': India-Australia FTA in force from December 29

The Aus-India Economic Cooperation and Trade Agreement (ECTA) will enter into force on 29 December, announced Australia's High Commissioner to India Barry O'Farrell.

"The date is set! The Aus-India Economic Cooperation and Trade Agreement will enter into force on 29 December, delivering new market access opportunities for both countries and securing the friendship in the decades to come," ambassador O'Farrell tweeted.

This announcement comes a week after Australian Prime Minister Anthony Albanese said that country's Free Trade Agreement (FTA) with India has passed through its Parliament.

"BREAKING: Our Free Trade Agreement with India has passed through parliament," Albanese tweeted on November 22.

This trade agreement will deliver new market access opportunities for Australian businesses and consumers from December 29.

ECTA is a ground-breaking agreement that brings Australia and India's economies closer together.

From December 29, tariffs on 85 per cent of Australia's exports to India will be eliminated and high tariffs on a further 5 per cent of goods will be phased down.

Entry into force of the agreement before the New Year delivers a double bonus of two tariff cuts in quick succession: one as the agreement comes into effect and a second on January 1, 2023.

(ANI)