Australia's Prime Minister says a trade deal with India will open "the biggest economic doors" in the world.

  • April 2, 2022, 10:48 a.m.

Australian Prime Minister Scott Morrison said a trade agreement with India due to be signed on Saturday represented "one of the biggest economic doors that is to be opened in the world today."

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.

The Australia-India Economic Cooperation and Trade Agreement would be signed in a virtual ceremony by Trade Minister Dan Tehan and India's Minister of Commerce and Industry, Piyush Goyal, and both countries would continue to work towards a full free trade deal, the federal government said on Friday.

Speaking to reporters in Tasmania, Morrison said he and Prime Minister Narendra Modi would witness the virtual ceremony.

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 ties.

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 for India.

It will see 96 per cent of Indian goods imported into Australia duty-free.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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