CURRENT AFFAIRS

Detailed explanation-1: -Did you know that India and Australia have entered into an Economic Cooperation and Trade Agreement? Yes, the #IndAusECTA was signed last year, on 2nd April, 2022; after Ratification and Exchange of Written Instruments, the Agreement has come into force on 29th December 2022.

Detailed explanation-2: -The initiative involves 5 members of SAARC (India, Bangladesh Bhutan, Nepal & Sri Lanka) and 2 members of ASEAN (Thailand, Myanmar).

Detailed explanation-3: -ECTA helps secure access to the fast-growing Indian market of over 1.4 billion people and gives Australian businesses opportunities for trade diversification. For more information, refer to the outcomes documents and official text of the Australia-India Economic Cooperation and Trade Agreement.

Detailed explanation-4: -In a free trade agreement, a group of countries agrees to lower their tariffs or other barriers to facilitate more exchanges with their trading partners. This allows all countries to benefit from lower prices and access to one another’s resources.

Detailed explanation-5: -The Asia Pacific Trade Agreement (earlier known as Bangkok Agreement) is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) for trade expansion through exchange of tariff concessions among developing country members of the Asia Pacific Region.