Latest Update (April 7, 2022)-Universities Australia is expectingthat the interim free trade agreement (FTA) between the Indian Government and Canberra will open up a range of possibilities for students and graduates along with the member institutions.
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Australian Minister for Trade, Tourism and Investment Dan Tehan quoted that the close, long-standing and highly complementary economic relationship in areas of critical minerals, professional services, education and tourism between the two countries will be accelerated by the Australia-India Economic Cooperation and Trade Agreement. Additionally, it will create job opportunities in both Australia and India.
The agreement further notes that higher education and adult education will be guaranteed to receive the best treatment from India to any future FTA partner. Australia is alsoplanningto increase its IT and STEM workforce by extending the post-study work permit of Indian students with a first-class two or three-yearbachelor's degree. An initiative called Maitri scholars will welcome top-performing Indian graduates to experience Australian universities.
The AI ECTA will now work on recognising professional qualifications, licensing, and registration procedures between the bodies of professional services. USD 6.1 billion contributions to Australian exports were made by Indian students in the pre-pandemic Australian economy.
Nearly 70,000 Indian students study in Australia forming 19% of the international student population which makes it the second-largest community. Thousands of Australians have also shown interest to study and work in India in recent years.The qualification recognition will pave the way for Indian and Australian students to work where they wish. Australia will work with India in close quarters to make the agreement successful.
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The updated Indian Economy Strategy featuring an Australia India Future Skills Initiative was launched by Tehan in late March. The sameaims to connect the vocational and training providers of Australia with Indian businesses, government, students and employers to build capacity for training in the country.
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Source: The PIE News
(February 25, 2022)- Dan Tehan, Australia's Trade Minister, is visiting India to further avant-garde the negotiation process on a proposed free trade agreement (FTA) designed to strengthen economic ties between the two countries while promoting Australia as a top international student and tourist destination.
Australia's Minister is here to advance the wheeling and dealing on the proposed free trade agreement, formally referred to as the Comprehensive Economic Cooperation Agreement (CECA). There is a possibility that Australia and India will offer Indian students the option to extend their visas for an additional 3-5 years.
New Delhi has prioritized making visas easier for Indian students and professionals in Australia, according to reports. The two countries are on track to conclude a long-haul free trade agreement by the end of 2022.
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"Goyal and I have been in continuous contact over the Christmas/New Year holidays since both of us are committed to the completion of a provisional free trade arrangement," Tehan was quoted as saying.
The trade pact is being hailed as a "potential game-changer" in opening up opportunities for both Australia and India as well as an important step toward the recovery of the global economy post-Covid.
In 2020-2021, the bilateral trade between the two countries reached $12.3 billion, compared to $12.63 billion in 2019-20.
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Petroleum, medicinal products, railway vehicles, including hover-trains, pearls and gems, jewellery, and textile products are some of India's main exports to Australia while its major imports are coal, copper ores and concentrate, gold, vegetables, wool and other animal fibres, fruits and nuts, lentils, and education-related services.
Source: TheEconomic Times
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