India and Australia Signed Economic Pact

BANKING AND ECONOMY

  • The Indian government has signed an interim economic cooperation and trade agreement with Australia for duty free access in the Australian market.
  • The objective of signing this agreement is to enhance the bilateral trade in goods and services, create new employment opportunities, and raise living standards.
  • With this, 6000 broad sectors will get duty free access in the Australian market immediately. The sector will include textiles, leather, furniture, jewellery, sport goods, railway wagons and machinery, etc.
  • To safeguard sensitive sectors, India has several goods in the exclusion category in which no duty concessions will be accorded. It includes milk and other dairy products, toys, sunflowers, seed oil, walnuts, pistachio nuts, platinum, etc.

 

  Facts to know:

 

  • Capital of Australia: Canberra.
  • Prime Minister of Australia: Mr. Scott Morrison.
  • Currency of Australia: Australian dollars.
India, Australia sign trade deal
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