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India-Australia Economic Cooperation and Trade Agreement, the early harvest deal signed by the two countries is set to come into effect on December 29, ministry of commerce and industry said on Wednesday.

The deal which is expected to double trade between the two countries in the next five years was ratified by the Australian parliament on November 22 clearing the way for the implementation of the deal. 

“Post signing of India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) on 2 April 2022 and completion of the ratification processes and the necessary domestic requirements, including internal legal procedures, India and Australia has exchanged written notifications. 

The Agreement will enter into force 30 days after this exchange of written notification between India and Australia in accordance with Article 14.7 of the Agreement. Accordingly, the Agreement will come into effect from 29 December 2022," the commerce and industry ministry said. 

The government said that the deal is expected to create over 10 lakh jobs and Indian Yoga teachers and chefs are set to gain with the annual visa quota. Over 1 lakh Indian students would benefit from post-study work visa (1.5-4 years) under the ECTA, the ministry added.

“Australia is an important strategic partner of India. They are also part of the four nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF). ECTA will open a new chapter on India-Australia Comprehensive Economic Partnership between two vibrant economies with shared interest and trade complementarities," the ministry added.

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