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India’s new deal with Australia to benefit businessmen, professionals & students

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India’s new deal with Australia to benefit businessmen, professionals & students

India has inked an Economic Cooperation and Trade Agreement (ECTA) with Australia. The deal is expected to benefit professionals, businessmen, and students.

The historic trade agreement reached between India and Australia not only allows 96.8 percent of Indian goods duty-free access to the island country, but it also provides thousands of employment possibilities and streamlines the visa procedure for Indian employees and students in Australia.

The India-Australia Economic Cooperation and Trade Agreement intends to boost exports associated to the mobility of professionals, businesspeople, and students as a result of Australia’s strong temporary entrance and stay obligations.

Union Minister Piyush Goyal, who signed the agreement on the same day, stated that the agreement will create one million employment.

Prime Minister Narendra Modi, who witnessed the signing of the agreement, described ‘people to people’ relations as the key pillar of India-Australia relations, saying, “This agreement will facilitate the exchange of students, professionals, and tourists between us, which will further strengthen these relations.”

Australia has set aside an annual quota of 1,800 for certified, professional Indian traditional chefs and yoga teachers to enter as contractual service suppliers under the IndAus ECTA services sector arrangement.

This means that temporary entry and stay are permitted for a duration of up to four years, with the possibility of extension.

The agreement also includes a mechanism for about one lakh Indian students to receive post-study employment visas in Australia on a reciprocal basis.

This will give qualifying Indian graduates, postgraduates, and STEM specialists more opportunities to work in Australia.

Under the terms of this arrangement, students may stay for up to four years.

In addition, research collaboration between Indian and Australian universities will be expanded, and dual degree programmes between India and Australia would be launched. The agreement also includes provisions that will pave the way for the professional bodies of India and Australia to begin discussions on MRAs in nursing, architecture, and other services.

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