Australia and India sign a historic trade agreement aimed at increasing cooperation between the two countries
The Australia-India Economic Cooperation and Trade Agreement, AIECTA was signed on the 2 April 2022. The trade agreement stems from a desire to expand business and commerce between both countries.
India is the world’s largest democracy and the world’s fastest-growing major economy, with GDP projected to grow at nine per cent in 2021-22 and 2022-23 and 7.1 per cent in 2023-24.
Driven by the commonalities and synergies between their economies, the AIECTA reflects the depth that is emerging in the Australia-India relationship.
For Australia, India is an attractive market for its goods. AIECTA provides Australia with preferential access to the Indian market through reduced tariffs. In return, India has been granted tariff free access to over 95 per cent commodities in the Australian market with immediate effect.
GCA Associates Private Ltd, CPAAI member firm based in New Delhi India has prepared an analysis of the AIECTA.
Amit Chopra Managing Partner of the firm said,
“This agreement will help Australia and India to build a mutually beneficial comprehensive strategic partnership”.
If you would like to know more, contact Amit Chopra at [email protected] or visit the firm's profile page or website.
MGI Worldwide with CPAAI, is a top 20 ranked global accounting network and association with almost 9,000 professionals, accountants and tax experts in some 400 locations in over 100 countries around the world.