The Economic Cooperation and Trade Agreement (ECTA) inked on Saturday between India and Australia will improve engineering goods exports from India, the industry association said in a statement.
"The Economic Cooperation and Trade Agreement between India and Australia bodes well for the engineering goods sector. The agreement would enable exporters to get more market access in Australia, boosting growth momentum "Chairman of the Engineering Export Promotion Council (EEPC) of India, Mahesh Desai said.
In the presence of Prime Minister Narendra Modi and his Australian counterpart Scott Morrison, India's Union Minister for Commerce and Industry Piyush Goyal and Australia's Minister for Trade, Tourism and Investment Dan Tehan signed the India-Australia Economic Cooperation and Trade Agreement in a virtual ceremony on Saturday. Less than a week after signing a Comprehensive Economic Partnership Agreement with the United Arab Emirates, India has struck a trade agreement with Australia.
"India's signed trade agreements, as well as those in the works, will give a huge boost to the engineering sector, which has been a major driver of the country's exports. Because engineering is a labour-intensive industry, more exports would result in the creation of more jobs "Desai stated.
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