Australia and India relationship has seen a strong emergence of cultural ties between the two nations through trading and migration, culture, arts, music, commercial and international sports like cricket, tennis and badminton.
Australia and India entered in to an Economic Cooperation and Trade Agreement (AIECTA) on 29 December 2022 and, both countries resumed negotiations for a Comprehensive Economic Cooperation Agreement (CECA), a much broader transformational deal to realise the full potential of the bilateral economic relationship between the two countries with an aim to create new employment opportunities and raise the living standards for the people of both Australia and India. Both countries are hoping to finalise CECA by end of 2023 and as an interim step, an Economic Cooperation trade agreement has been signed to remove the trade tariffs and promote bilateral trade.
Under ECTA, over 85 per cent of Australian goods exports by value to India are now tariff free, rising to 90 per cent in six years, and high tariffs have been reduced on some additional products. In addition, 96 per cent of imports from India are now tariff free, rising to 100 per cent in four years.
India and Australia aim to take their bilateral trade to $100 billion in the next five years through a deal, making India as the second largest trading partner of Australia that will target new areas such as critical minerals, mobility, education, sports, space and defence being opened up to each other, the trade ministers of the two countries said on Saturday, hopeful of inking the pact by the end of 2023.
Australian (Sydney) Chapter of the Institute of Chartered Accountants of India (the Chapter) is committed to collaborate with government and private institutions, including any trade agencies to promote bilateral trade between Australia and India.
The Chapter has an active membership of qualified professionals from ICAI, CPA Australia and Chartered Accountants Australia and New Zealand. The Chapter is in a unique position of collaborating with and assisting businesses in India and Australia with its members having working knowledge and strong professional ties both in India and Australia.
The Chapter is engaged in promoting awareness of Australia and India trade and increasing business confidence across the two countries. Members in long standing practice are able to provide practical insights to facilitate trade and business. The Chapter has a focused objective to assist Small and Medium Enterprises (SMEs) that need more focused assistance due to limited resources and reach and has formed a Australia India ECTA (AIECTA) Working Group to increase the awareness and facilitate bilateral trade between the two countries. AIECTA Working Group will endeavor to increase Australia India trade at focused business streams through seminars and presentations at various trade forums.