Australian High Commissioner to India Barry O'Farrell praised the Australia-India Economic Cooperation and Trade Agreement that was signed between both countries saying that the trade pact gives an opportunity to properly harness the complementary nature of both economies in areas such as critical minerals, professional services, education and tourism.
While delivering the 2022 Australia-India Institute Oration in New Delhi, the envoy added, "Trade and investment underpin state and national economies, they determine the living standards our citizens enjoy and they provide the agency for government to deliver on strategic goals."
He emphasized that a development of economic cooperation and a trade agreement between both countries is significant for the India-Australia relationship.
"The trade agreement between India and Australia gives us an opportunity to properly harness the complementary nature of our economies in areas such as critical minerals, professional services, education and tourism," he said.
He noted that Indian consumers and businesses will benefit from the immediate elimination of tariffs on 85 per cent of Australian goods exports to India. "While Australian consumers will benefit from almost 96 per cent of Indian goods imports entering Australia duty-free," he continued.
The envoy said that this is an important step and a real testament to the great strength of the relationship. He stressed that countries remain committed to working towards a full Comprehensive Economic Cooperation Agreement.
( With inputs from ANI )
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