India Australia ECTA
The India Australia ECTA (Economic and Cooperation Trade Agreement) effect from 29th December 2022.
India Australia Trade Agreement Benefit
- As the Australia hardly manufacture anything, Exporting finished goods to it. The Australia is largely raw material and intermediate producing country, India will get raw material from it which is better to serve for Indian consumers. This raw material provides us finished good as reasonable prices.
- Huge amount of work and job opportunities goods and service sector as the Australia requires lot more finished goods by Indian talent. More than 10 lakh jobs would be created in India under ECTA.
- The Australia has done agreement for agricultural products and dairy sector, grateful to Australian government.
- The India Australia ECTA encourages and improves trade between the two countries.
- Both countries are agreed to separate Annex on Pharmaceutical products, which will enable fast-track approval for patented, generic and bio similar medicines.
- Indian Yoga teachers and chefs are set to gain with the annual visa quota.
- Under ECTA, over 1 Lakh students would benefit from the post – study work visa (for 18 months to 4 years).
- India Australia ECTA likely to increase investment opportunities, promote exports, create significant additional employment and facilitate strong bonding between the two countries.
- India and Australia are also part of the four nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF).
Double Taxation in IT Sector
- We will save millions of dollars now as the double taxation for IT sector will over.
- The law of double taxation has been removed by amending the law from 1st April, 2023.
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