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MNI BRIEF: Australia-India Trade Agreement Commences

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MNI (PERTH)
(MNI) Perth

The Australia-India Economic and Trade Agreement came into force on Thursday, as the Australian government pushes to diversify its export markets amid ongoing trade tensions with China.

Tariffs on 85% of Australian exports to India have been eliminated from Thursday, and this will be followed by a second round of tariff cuts from January 1, 2023, according to the Department of Foreign Affairs and Trade. India is Australia's sixth largest trading partner and fourth largest export market, with a value of over AUD24 billion.

The first round of tariff cuts covers lamb, barley, oats, critical minerals and titanium dioxide. Tariffs on a further 5 % of exports have been lowered and will be phased down to zero within six years. Australian service providers have gained full or partial market access to 85 sectors and sub-sectors including financial and telecommunication services.

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
TradePolicy NewsHomepageAPACAustraliaBriefStoryRegion
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Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
TradePolicy NewsHomepageAPACAustraliaBriefStoryRegion
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