Australia-India trade deal comes into force; Australian side welcomes saying it will diversify businesses.

The Australia-India Economic Cooperation and Trade Agreement (ECTA), which went into effect today, has been welcomed by the Australian government.
According to a formal statement from the Australian side, the trade agreement demonstrates the country's commitment to providing options for trade diversification that are beneficial to Australian companies on a commercial level.
From today, Australian businesses will have greater access to the Indian market of 1.4 billion people, and one of the world's fastest-growing major economies.
"A serious window of opportunity has opened for our exporters to move into an export market valued at over USD 24 billion in 2021, ahead of many of our key competitors," read the statement.

"Entry into force this year means Australian exporters will benefit from two tariff cuts in quick succession, the first takes place today and the second, on 1 January 2023."

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