The India-Australia Economic Cooperation and Trade Agreement, signed in April this year, is the most strategic pact between the two countries that will bolster bilateral ties, Consul General of Australia in Kolkata Rowan Ainsworth said. Speaking at an interactive session organised by the Engineering Exports Promotion Council (EEPC) and Indo-Australian Chamber of Commerce (IACC) here on Wednesday, Ainsworth said the agreement will provide preferential market access for Indian goods in Australia. The pact is a major milestone in building stronger economic ties with India, the envoy said. She said that according to the pact, India needs to eliminate 96 tariff lines for goods imported from Australia, while Australia needs to eliminate 85 per cent tariff lines on imports from India. Ainsworth also said tariffs will be eliminated in the mineral sector, making way for competitive rates on Australian imports. Australia trades in about 6,500 tariff lines, while India has over 11,500 tariff
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