Minister of Commerce and Industry, Piyush Goyal, shared with the media that 75 percent of Australia’s trade is covered in Free Trade Agreement (FTA), but with the new agreement, this will take a rise to 90 percent.
Both countries are finalizing FTA to reduce tariffs in the sectors like textiles, pharma, health, footwear, etc. Trade between both countries has reached $12.5 billion in the financial year 2021, and it has surpassed $17.5 billion in the first 10 months of the financial year 2022.
Piyush Goyal and Australia’s trade minister Dan Tehan noted that both sides had respected each other’s sensitivities during trade negotiations.
