Australia-India Economic Cooperation and Trade Agreement to came into force on December 29, 2022. India and Australia would implement the free trade agreement pact as the Australian Parliament approved between the two countries. The Australia-India Economic Cooperation and Trade Agreement (ECTA) is an excellent opportunity for Australian businesses. It will accelerate new markets to reach around 1.4 billion consumers in the world’s fastest-growing major economy.
The initial focus on immediate tariff cuts on more than 85% of Australian exports opens a big door of opportunities into the world’s fastest-growing major economy.
Among the plethora of benefits included in the agreement, here are some that may be advantageous to our concerns.
- Longer stay for Indian international students under new post-study work rights arrangements.
- Australia to extend access to the Work and Holiday (subclass 462) visa to up to 1,000 Indian citizens each year.
- Easier and faster professional qualifications, licensing and registration procedures for skilled professionals to work in both Australia and India with the possibility of further stay. Australian and Indian Architects, engineers and accountants will be recognised in both countries. As per the new agreement, both countries have decided to acknowledge the qualifications, licensing and registration procedures between those professional services. This promises that those qualified will not need to go through lengthy exams and approval processes to practise in either country, thus opening greater opportunities post-study.
- In order to recover from the post-COVID scenario, the agreement offers 1,000 working holiday visas to Indian citizens in the 18-30 age group, expecting to contribute to both workforce requirements and tourism industries.
- Indian students with a bachelor’s degree, postgraduates and STEM (science, technology, engineering and mathematics) specialists and Information and Communications Technology sectors holding first-class honours will now be offered an extended option for a longer post-study work visa. This means top students can now live and work in Australia for three to four years instead of the previously stated two years. This allows Indian students to live, work and undertake further study in Australia, subject to conditions and requirements.
The AI ECTA has thus provided new access for Indian students, professionals, and Australian citizens to benefit each other, securing a good relationship between both countries.