Australian exporters will soon get a boost into India’s 1.4 billion consumer market with news that the Australia – India trade deal will enter into force on 29 December.
“Breaking news that India has completed its processes to enable ratification and implementation of the Australia – India Economic Cooperation and Trade Agreement (A-IECTA) is an exciting outcome,” Kevin Hogan, Shadow Minister for Trade, Investment and Tourism said today.
“The hard work of negotiating A-IECTA was undertaken and completed by the Coalition in Government, and the determination of the former Minister for Trade, the Hon Dan Tehan MP.
“So naturally, I am pleased that Australian exporters are now guaranteed to get the improved access arrangements by year’s end.
“This outcome delivers the elimination of tariffs on 85% of Australian exports on entry into force on 29 December, and then the commencement of the tariff phase-down from 1 January 2023.
“In this context, 85% equates to $12.6 billion a year and spread from paddock to plate for Australian sheep meat, wool, wine, horticulture, seafood sectors, as well as for the resources and pharmaceutical sectors.
“Given the size and potential of the Indian market, the opportunities for Australian exporters are endless.
“The benefits do not just apply to goods exports. Australia’s services suppliers in sectors such as higher education and business services will get unprecedented access in the world’s fastest growing economy.
“There will be new work opportunities for young Indians looking for a working holiday and those studying here and looking to work in the STEM and ICT sectors.
“And given cost of living pressures on Australian households, they should also see benefits from the trade agreement through the elimination of tariffs on 96% of Indian goods imports.
“I encourage exporters to look close and hard at the how they get their goods and services into the hands of Indian consumers and businesses through A-IECTA, using the market knowledge of Austrade and the FTA Portal for assistance.
Mr Hogan said that he expected the Albanese Government to now focus on negotiations of a more comprehensive agreement.
“I encourage the Government to be as ambitious as the former Government in its negotiations of a comprehensive agreement with India.”
