Since the Albanese Labor Government brought the Australia-India free trade agreement into force, trade with India, one of the world’s fastest growing economies, has surged significantly.
Agricultural exports to India are 50 per cent higher since the trade agreement came into force on 29 December 2022. This includes massive boosts in products like sheep meat, seafood, broad beans, citrus and almonds.
Minister for Trade and Tourism Don Farrell said in a statement:
“India represents a massive opportunity for Australian business to diversify into new growing markets. In the year since this agreement came into effect, we have seen enormous gains for a range of Australian exporters, including our farmers, manufacturers, and our universities.”
He further added:
“This is a relationship we need to invest in and I look forward to working with India to take our trade agreement to the next level.”
Most of Australia’s industrial exports to India are up by around 30 per cent, with pharmaceuticals, wood and paper and cochlear implants leading the charge.
From 1 January 2024, Australian exports to India will be even more competitive, with more tariff cuts on high quality Australian products such as seafood, cherries, sandalwood and wine.
The trade agreement has strengthened Australia’s economic relationship with India, making it even easier to trade our goods and services with each other.
From January to September 2023, Australian Businesses claimed lower tariffs on $15.2 billion worth of exports to India.
At the same time, Australian businesses and households have saved over $145 million in duties on goods imported from India, on things like clothing, household linen, automotive and electrical parts.
The agreement has also helped ease supply-chain stresses for Australia’s manufacturing, resource and construction industries, by improving access to inputs such as tubes, pipes and off-road dump trucks.
Australia and India are now working to conclude our next trade agreement, an ambitious Comprehensive Economic Cooperation Agreement (CECA).
This comprehensive trade agreement would allow us to go further in areas such as digital trade, and deliver commercially meaningful new market access for our exporters.
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