India-Australia free trade agreement passed, says Piyush Goyal

NEW DELHI: In a landmark agreement, a free trade pact between India and Australia was passed on Tuesday, Union minister Piyush Goyal said.
The FTA has been will now be implemented on a mutually agreed date after the Australian Parliament approved the pact between the two countries.
“Delighted that India-Australia Economic Cooperation & Trade Agreement has been passed by the Australian Parliament. A result of our deep friendship, it sets the stage for us to unleash the full potential of our trade ties & spur massive economic growth,” Goyal said in a tweet.
Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one. This covers many products that currently attract 4-5 per cent customs duty in Australia.
The agreement, once implemented, will provide duty-free access to the Australian market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery.

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