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PM Modi terms India and Australia’s pact a historic moment to strengthen ties

By wasmulhaq 
Updated Date

India and Australia signed a crucial deal on Saturday to improve economic relations between the two countries. This deal is an attempt to “break the trade barriers” between the two nations.

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This pact will be beneficial in boosting bilateral trade between India and Australia, which is expected to increase from an existing 27 billion USD to 45 billion USD in the next five years.

Piyush Goel inks on deal

Union Minister Piyush Goyal said as he signed the deal with Australian trade minister Dan Tehan. Prime Minister Narendra Modi and his Australian counterpart, Scott Morrison, attended the virtual event. “The India-Australia partnership has been going from strength to strength.

This is the third time in the last few weeks that PM Modi has met Australia’s Morrison virtually.

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Our exports to Australia have grown the most in the last 12 months. We are looking forward to increasing the speed of negotiations, “Piyush Goyal said.

Australian Prime Minister Scott Morrison said a trade agreement with India due to be signed on Saturday represented “one of the biggest economic doors that is to be opened in the world today”.

Speaking at the event, Morrison said: “The pace and scale of our cooperation since we announced our comprehensive, strategic partnership has been remarkable.” My government has announced USD 282 million in new initiatives, including at the summit, that will drive our expanding cooperation.

It is expected that Morrison is ready to give a call for a general election within days. Therefore, he wanted to conclude this trade deal before the 2022 Australian Federal Election. During the election period, he would be busy campaigning.

Morrisson gets a new partner for trade

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Morrison’s government is looking to expand its export markets and decrease Australia’s dependence on its biggest trading partner, China. Diplomatic rows have started between Australia and China due to Beijing’s sanctioning of certain Australian goods.

The agreement with India would eliminate tariffs on more than 85% of Australian products exported to India worth $A $12.6 billion, rising to nearly 91% over a ten-year period.

Tariffs will be fragmented on sheep meat, wool, copper, coal, alumina, fresh Australian rock lobster, and some critical minerals and non-ferrous metals to India.

It is an achievement that 96 per cent of Indian goods imported into Australia are duty-free.

The agreement will be notified to the World Trade Organization to clarify its legal status. The historical deal between the two nations will really boost the export and import policies of both countries.

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