Kolkata (West Bengal) [India]: Australian High Commissioner to India, Barry O’Farrell, in a meeting with Anurag Chaudhary, CEO of Himadri Speciality Chemical Limited in Kolkata, West Bengal reiterated Canberra’s support for India’s vision to become a 100 per cent electric vehicle nation by 2030.
Both sides discussed the benefits of the India-Australia Economic Cooperation and Trade Agreement (ECTA) to the company, which will propel New Delhi’s vision to boost the Electronic Vehicle (EV) industry.
Taking to Twitter, Barry O’Farrell wrote, “Australia is supporting India’s ambitions in the EV industry. Outlined practical benefits of #IndAusECTA – including the elimination of duties on critical minerals – to @HimadriLimited, a leading Indian manufacturer of #lithium ion battery material. #Kolkata #WestBengal.”
ECTA is the first trade agreement of India with a developed country after more than a decade and provides for an institutional mechanism to improve trade between the two countries.
Australia is India’s 17th largest trading partner, and India is Australia’s 9th largest trading partner. The ECTA is expected to almost double the bilateral trade from USD 27.5 bn (2021) to about USD 45 to USD 50 Billion in the next five years.
The agreement is expected to create new employment opportunities, raise living standards and enhance the overall welfare of the people of both countries. Additional employment generation is expected to be ten lakhs within the next five years. (ANI)