India-Australia free trade agreement to come into force from Dec 29

Trade between the two countries is expected to cross $45-50 bn in five years

A trade agreement between India and Australia will be implemented from December 29, almost nine months after the two sides signed a deal.

“India & Australia consolidate their long-standing partnership. Economic Cooperation & Trade Agreement, realised under the guidance of leaders of both countries, comes into effect from December 29, 2022. It is the dawn of a whole new era for our businesses & people,” said commerce and industry minister Piyush Goyal on Twitter.

India’s President has approved the deal. The two nations signed an interim free trade deal—Economic Cooperation and Trade Agreement (ECTA)--in April and the Australian Parliament ratified it last