Earlier this month, India and Australia signed a landmark bilateral trade pact called the Economic Cooperation and Trade Agreement (ECTA) on April 2, 2022. This was India’s second such trade agreement in 2022 after inking a similar deal with the United Arab Emirates in February. The ECTA is expected to increase trade between the two sides over the next 5 years. It is a win-win for both partners because it will ensure uninterrupted supply of key raw material to Indian industries, while Australia will get access to a more reliable alternative to China, which has been resorting to sanctions on Australian exports.
Against this backdrop, Suhail Nathani, Managing Partner at Economic Laws Practice (ELP) has been quoted by The Times of India in their article titled ‘Decoded: The India-Australia free trade pact is a win-win for both countries.’ Mr. Nathani says, “This FTA has the right ingredients for success and add to this mix-the geopolitical realities this FTA must succeed. Trade is moving to countries with like-minded values and neither India nor Australia can stay out of these groupings. This is truly an opportunity for India to enter the mainstream of global and take advantage of the ‘China+1’ supply chain opportunity”.
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