AGL 22.94 Increased By ▲ 0.91 (4.13%)
AIRLINK 111.29 Increased By ▲ 6.49 (6.19%)
BOP 5.25 Increased By ▲ 0.03 (0.57%)
CNERGY 3.72 Decreased By ▼ -0.01 (-0.27%)
DCL 7.99 Increased By ▲ 0.29 (3.77%)
DFML 40.27 Increased By ▲ 3.87 (10.63%)
DGKC 88.00 Increased By ▲ 0.95 (1.09%)
FCCL 21.99 Increased By ▲ 0.01 (0.05%)
FFBL 42.20 Increased By ▲ 1.24 (3.03%)
FFL 8.55 Decreased By ▼ -0.10 (-1.16%)
HUBC 153.29 Increased By ▲ 3.04 (2.02%)
HUMNL 10.45 Increased By ▲ 0.14 (1.36%)
KEL 4.50 Increased By ▲ 0.05 (1.12%)
KOSM 3.85 Increased By ▲ 0.06 (1.58%)
MLCF 36.80 Decreased By ▼ -0.10 (-0.27%)
NBP 47.99 Increased By ▲ 0.06 (0.13%)
OGDC 131.80 Increased By ▲ 2.10 (1.62%)
PAEL 26.15 Decreased By ▼ -0.34 (-1.28%)
PIBTL 6.03 Increased By ▲ 0.05 (0.84%)
PPL 115.50 Increased By ▲ 1.16 (1.01%)
PRL 22.60 No Change ▼ 0.00 (0%)
PTC 12.58 Increased By ▲ 0.06 (0.48%)
SEARL 55.69 Increased By ▲ 1.49 (2.75%)
TELE 7.20 Increased By ▲ 0.10 (1.41%)
TOMCL 37.00 Increased By ▲ 1.10 (3.06%)
TPLP 7.85 Decreased By ▼ -0.30 (-3.68%)
TREET 15.30 Decreased By ▼ -0.20 (-1.29%)
TRG 54.55 Increased By ▲ 0.54 (1%)
UNITY 31.86 Decreased By ▼ -0.14 (-0.44%)
WTL 1.17 Decreased By ▼ -0.02 (-1.68%)
BR100 8,343 Increased By 52.7 (0.64%)
BR30 26,335 Increased By 323.4 (1.24%)
KSE100 78,987 Increased By 447.9 (0.57%)
KSE30 25,365 Increased By 156.8 (0.62%)

Australia formally signed a trade deal with India on Saturday as the two nations signalled an intention to forge closer trade ties.

The Australia-India Economic Cooperation and Trade Agreement was signed in a virtual ceremony by Trade Minister Dan Tehan and India’s Minister of Commerce & Industry, Piyush Goyal.

Australia’s Prime Minister Scott Morrison and India’s Prime Minister Narendra Modi witnessed the virtual ceremony.

Morrison is expected to call a general election within days, and has been eager to secure the trade deal before campaigning begins, having been in negotiations with India for a decade.

Speaking to reporters in Tasmania, Morrison said the agreement with the world’s second most populous nation represented “one of the biggest economic doors there is to open in the world today”.

“These are never all or nothing deals as far as we’re concerned, we see all of these as the next step and the next step and the next step,” he said, expressing both countries intention to build closer trade links.

Lavrov hopes to bypass sanctions in trade with ‘friend’ India

Morrison’s government is seeking to diversify export markets and reduce Australia’s dependence on its biggest trading partner China, after diplomatic spats led to Beijing sanctioning certain Australian products.

The deal with India removes tariffs on more than 85% of Australian goods exports to India, worth A$12.6 billion, rising to almost 91% over 10 years.

Tariffs will be scrapped on sheep meat, wool, copper, coal, alumina, fresh Australian rock lobster, and some critical minerals and non-ferrous metals to India.

It will see 96% of Indian goods imports enter Australia duty-free.

Both countries would continue to work towards a full free trade agreement, the federal government said on Friday.

After signing the deal, Minister of Commerce & Industry Goyal said India wanted to progress a full free trade agreement with Australia in an “accelerated manner”.

“Soon after this current agreement comes into force, we’ll get down to cracking the whip on the next stage to make this a comprehensive economic partnership,” he said.

Trade Minster Tehan said he was confident negotiations would advance even if the Morrison government was replaced at the upcoming national election.

Scott Morrison lags in the polls leading up to the general election due in May.

“I have very strong hope, no matter who fills our chairs going forward, we’ll be able to … build on this ground-breaking agreement,” he said.

Comments

Comments are closed.