India-Australia comprehensive trade deal comes into force

Australian Prime Minister Anthony Albanese has said that the new Australia - India trade agreement will deliver new opportunities for the country's businesses. In a tweet, Albanese announced that he will visit India next year in March.

Albanese issued the statement on Twitter as the Australia-India Economic Cooperation and Trade Agreement (ECTA) came into force.

It stated that ECTA underscored the government's commitment to delivering opportunities to diversify trade that are "commercially meaningful" for businesses of Australia. It noted that India is Australia's sixth-largest trading partner and fourth-largest export market.

"The trade agreement will support tourism and workforce needs in regional Australia by making 1,000 Work and Holiday Program places available to young Indian travellers," the Australian government announced in a media release.

Notably, the Australia-India Economic Cooperation and Trade Agreement was signed between the two nations on April 2. According to the statement, the exporters of Australia will benefit from two tariff cuts in quick succession, the first taking place today and the second, on 1 January 2023.

(ANI)