CURRENT AFFAIRS

Detailed explanation-1: -Foreign diplomatic relations between Australia and India are well-established, with both nations sharing a “Comprehensive Strategic Partnership” since both were part of the British Empire. Both are members of the Commonwealth of Nations, and share political, economic, security, lingual and sporting ties.

Detailed explanation-2: -Australian businesses and consumers can now take advantage of new trade opportunities offered by the Australia-India Economic Cooperation and Trade Agreement (ECTA), which entered into force on 29 December 2022.

Detailed explanation-3: -Current trade trends between India and Australia India’s imports from Australia amount to 17 US $ billion while its exports to Australia amount to 10.5 US $ billion. However, what we need to realize that India’s imports from Australia are primarily (96%) raw materials & intermediate goods.

Detailed explanation-4: -Tariffs on over 85 per cent of our exports will be eliminated on 29 December 2022, and tariffs on a further 5 per cent of our exports will be phased to 0 per cent over 2, 4 or 6 years. In addition, high tariffs will be substantially reduced for some key agriculture products.