How recent graduates benefit from India and Australia's historic trade deal
Under the agreement, Canberra would provide duty-free access in its market for over 6,000 broad sectors of India. In addition, Australia will also opened up new opportunities for Indians to migrate to the country, for study and for work.
By ET Online | Updated:
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After decade-long negotiations, India and Australia have finally signed a historic economic cooperation and trade agreement.
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Under the agreement, Canberra would provide duty-free access in its market for over 6,000 broad sectors of India. In addition, Australia will also opened up new opportunities for Indians to migrate to the country, for study and for work.
1,000 working holiday visas to Indian backpackers have been introduced and a longer post-study visa for top Indian IT, engineering, mathematics and science graduates, a step that experts hail as a win-win situation for both countries.
"Post study work visas will provide extended options for working in Australia to eligible Indian graduates, post graduates and STEM (science, technology, engineering and mathematics) specialists," Commerce and Industry Minister Piyush Goyal said, adding that currently, there are more than 1 lakh Indian students enrolled in various courses in Australia.
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He added that Australia has agreed to resolve the double taxation issue being faced by domestic IT companies in that market.
Canberra has also agreed to amend its domestic tax law to stop the taxation of offshore income of Indian firms providing technical services in Australia.
