Australia will sign an “historic” trade deal with India following years of negotiations between the two nations.
The deal, which the Coalition says could reduce our reliance on China, will eliminate tariffs on more than 85 per cent of Australian goods exported to India, currently worth more than $12 billion a year.
Meanwhile, 96 per cent of Indian goods entering Australia will be duty-free.
The deal will be signed by Trade Minister Dan Tehan and his Indian counterpart Piyush Goyal in a virtual ceremony.
Prime Minister Scott Morrison said the deal would help to secure more opportunities for Australian producers with the country’s seventh-largest trading partner.
“This agreement opens a big door into the world’s fastest growing major economy for Australian farmers, manufacturers, producers and so many more,” Mr Morrison said.
“By unlocking the huge market of around 1.4 billion consumers in India, we are strengthening the economy and growing jobs right here at home.”
Two-way trade between Australia and India is currently valued at more than $24 billion.
Negotiations on the Australian-India economic cooperation and trade agreement had been ongoing for more than a decade, with the first round of talks between the countries taking place in 2011.
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