Just days out from calling the election, the Morrison government is to sign a long-awaited trade agreement on Saturday to open a "big door" to the world's largest democracy and Australia's seventh largest trading partner.
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The interim deal with India, which could not be inked while the government was in caretaker mode, is a timely coup for the Coalition which is keen to push its economic credentials as it approaches the May election. Such a deal could assist both nations cut reliance on China. Both countries are still working towards a full comprehensive trade deal.
It is expected to particularly benefit the overseas Australian markets for sheep meat, wool, wine, citrus fruit, coal, critical minerals and LNG.
Formally known as the Australia-India Economic Cooperation and Trade Agreement, the deal will be signed in the respective countries by Trade Minister Dan Tehan and Indian Minister for Commerce, Piyush Goyal, and witnessed by Prime Minister Scott Morrison and counterpart Narendra Modi.
"This agreement opens a big door into the world's fastest growing major economy for Australian farmers, manufacturers, producers and so many more," Mr Morrison said in a statement ahead of the signing.
"By unlocking the huge market of around 1.4 billion consumers in India, we are strengthening the economy and growing jobs right here at home."
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The deal is more than 10 years in the making, so it began during the Gillard government. However negotiations stalled in 2015 only to restart in 2020. At one stage, former Prime Minister Tony Abbott was called in to help.
Under the deal, tariffs will be eliminated on more than 85 per cent of Australian goods exports to India. The government estimates this would be worth more than $12.6 billion a year. This would rise to almost 91 per cent over 10 years at an estimated value of $13.4 billion.
Australian households and businesses are also expected to benefit, with 96 per cent of imported Indian goods becoming duty-free on entry, while there is a potentially lucrative services component of the deal.
"This agreement will turbocharge our close, long-standing and highly complementary economic relationship in areas such as critical minerals, professional services, education and tourism," Mr Tehan said in the statement.
According to the latest government figures, two-way trade between the two nations is valued at $24.3 billion and India is Australia's sixth largest export market, valued at $16.9 billion.
The government has stated its goal is to lift India into Australia's top three export markets by 2035 and to make India the third largest destination in Asia for outward Australian investment.