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India Australia ECTA comes into effect

As per the agreement the taxes on goods will be cut in two phases - first on the day ECTA comes into force and the second on January 1, 2023.

Image -Twitter/@AusHCIndia

The Economic Cooperation and Trade Agreement (ECTA) between Australia and India came into effect on Dec. 29, 2022 with an aim to diversify trade and businesses between the two nations.

As per the agreement 96 percent Indian goods will ever Australia tax free while 85 percent Australian good can enter India. As a result, bilateral trade will increase from US$31billion to US $50 million and over 10,00,000 jobs will be created in India.

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