India and Australia have signed an economic cooperation and trade agreement providing duty-free access for over 6,000 Indian sectors including leather, writes ILM.

These sectors include leather, footwear, furniture and jewellery. The agreement is expected to come into force in around four months from now.

The India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) was signed in a virtual ceremony by Indian Commerce and Industry Minister Piyush Goyal and Australian Minister for Trade, Tourism and Investment Dan Tehan, attended by Indian Prime Minister Narendra Modi and Australian Prime Minister Scott Morrison.

Goyal asserted that the agreement would be a key driver for increasing bilateral trade from the current US$27.5 billion to US$45-50 billion in the next five years.

The IndAus ECTA includes safeguard mechanisms to prevent routing of products from third countries, unusual surges in imports, fast-track approvals and inspections for pharmaceutical products and more.

The agreement also includes post-study work visas for Indian students of two to four years. Goyal said: “Post-study work visas will provide extended options for working in Australia to eligible Indian graduates, postgraduates and STEM specialists.” There are reportedly more than 100,000 India students enrolled on courses in Australia at present.