Australia and India sign trade agreement after more than ten years of negotiations | Abroad

Morrison spoke of a “milestone” on Saturday that will give Australian exporters access to one of the world’s largest markets. He described India and Australia at the online signing ceremony as “dynamic regional economies, like-minded democracies, working together for the benefit of both sides”.

Indian Prime Minister Narendra Modi spoke of a “turning point”. “On the basis of this agreement, we can enhance the resilience of supply lines and contribute to stability in the Indo-Pacific region.”

The trade agreement will remove tariffs on more than 85 per cent of Australian exports to India. It is currently worth more than $9 billion annually, according to Australian news agency AAP.

Conversely, 96 per cent of Indian imports into Australia will be duty-free. Taxes on sheep meat and wool will disappear immediately, and tariffs on products such as avocados, onions, nuts and fruit will be eliminated over the next seven years. Trade barriers to coal and mineral ores are also disappearing. Taxes on wine are reduced.

The Australian government is talking about “significant gains” for Australian exporters. “We will have access to the largest and fastest growing economy in the world.”