India-Australia sign trade pact; bilateral trade to reach $45 bn in 5 years

This is the first trade agreement with a developed economy after over 10 years

India and Australia inked an economic cooperation and trade agreement (ECTA) on Saturday, under which Canberra will provide duty-free access in its market for over 95 per cent tariff lines, including textiles, leather, furniture, jewellery, machinery and select medical devices.

The deal will take around four months to be implemented.

This is the first trade agreement that India has signed with a developed economy after more than a decade. This agreement was signed at a time when India is already working with other developed countries such as the UK, Canada and the European Union to sign a free trade agreement–an evident shift