India’s Commerce Minister Piyush Goyal addresses a joint news conference after taking part in the virtual signing ceremony of the India-Australia economic cooperation and trade agreement with Australian Trade Minister Dan Tehan, in New Delhi on April 2, 2022.
(SAJJAD HUSSAIN / AFP)
CANBERRA – The Australian government reached an agreement on a trade agreement with India on Saturday.
The Australia-India Economic Cooperation and Trade Agreement was hailed by Prime Minister Scott Morrison as a major economic boon.
India was Australia's seventh-largest trading partner in 2020, with two-way trade valued at 24.3 billion Australian dollars ($18.2 billion)
The deal will remove tariffs on 85 percent of Australian exports to India, rising to 91 percent within 10 years.
India was Australia's seventh-largest trading partner in 2020, with two-way trade valued at 24.3 billion Australian dollars ($18.2 billion).
The federal government previously said it plans for India to be a top-three trade market by 2035.
Morrison said in a statement that the agreement would create "enormous trade diversification opportunities for Australian producers and service providers."
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However, major agricultural exports including dairy and beef were excluded from the interim agreement, according to the Australian Broadcasting Corporation.
The media statement suggested that both countries continue to work towards a full Comprehensive Economic Cooperation Agreement.