India and Australia have tentatively agreed on an economic cooperation agreement.
India's Prime Minister Narendra Modi and Australia's Prime Minister Scott Morrison witnessed the signing of the Australia-India Economic Cooperation and Trade Agreement in a virtual ceremony on Saturday.
The agreement, which is expected to come into effect after being formally approved by the two countries, will remove duties on more than 85% of Australian exports to India, and 96% of Indian exports to Australia.
The bilateral economic cooperation is expected to reduce the two countries' dependence on their biggest trading partner, China.
Ties between New Delhi and Beijing have been strained since a confrontation in the Ladakh region near their border in 2020.
Bilateral relations between Canberra and Beijing have also deteriorated after China started imposing additional tariffs on Australian barley.
India and Australia are also part of the Quad framework with Japan and the United States, aimed at deepening security and economic cooperation with China in mind.
India's Prime Minister Narendra Modi and Australia's Prime Minister Scott Morrison witnessed the signing of the Australia-India Economic Cooperation and Trade Agreement in a virtual ceremony on Saturday.
The agreement, which is expected to come into effect after being formally approved by the two countries, will remove duties on more than 85% of Australian exports to India, and 96% of Indian exports to Australia.
The bilateral economic cooperation is expected to reduce the two countries' dependence on their biggest trading partner, China.
Ties between New Delhi and Beijing have been strained since a confrontation in the Ladakh region near their border in 2020.
Bilateral relations between Canberra and Beijing have also deteriorated after China started imposing additional tariffs on Australian barley.
India and Australia are also part of the Quad framework with Japan and the United States, aimed at deepening security and economic cooperation with China in mind.
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Summary
India and Australia have virtually agreed on an Economic Cooperation and Trade Agreement, removing duties on over 85% of Australian exports to India and 96% of Indian exports to Australia. This is expected to reduce dependence on China, amid strained ties between India and China post-2020 Ladakh
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ID: 6248d438-46ac-4346-a4df-291ac0a80b98
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220402_20/
Date: April 2, 2022
Created: 2022/04/03 07:54
Updated: 2025/12/09 17:15
Last Read: 2022/04/03 07:54