Following the Australian parliament’s ratification of a Free Trade Agreement (FTA) with India earlier this week, it will be made operational shortly on a “mutually agreed date”, an Indian government statement said on Wednesday, November 23.
It said that the two countries will decide on an effective date and a framework for implementation, with the customs departments of India and Australia to issue the necessary notification a day prior to implementation.
Under the FTA, India will gain duty free access to the Australian market for products from 6,000 sectors.
Indian exports to Australia in 2021-22 amounted to an estimated $8.3 billion and imports from Australia totaled $16.75 billion.