Australian exporters, businesses, workers, and consumers will soon be able to access the opportunities and benefits of more open trade with India
From 29 December, tariffs on 85 per cent of Australia’s exports to India are to be eliminated and high tariffs on an additional 5 per cent of goods will be phased down.
This will save Australian exporters around $2 billion a year in tariffs, while consumers and business will save around $500 million in tariffs on imports of finished goods, and inputs to for our manufacturing sector.
The tariff commitments provided by India in the agreement will open access for Australia’s exporters of products including critical minerals, pharmaceuticals, cosmetics, lentils, seafood, sheep meat, horticulture and wine.
Australian service suppliers will also benefit from full or partial access across more than 85 Indian services sectors and subsectors. Australian suppliers across thirty-one sectors and subsectors will be guaranteed the highest standard of treatment that India grants to any future free trade agreement partner.
Australian services sectors to benefit include higher education and adult education, as well as business services such as tax, architecture, and urban planning.
The agreement will support tourism and workforce needs in regional Australia by making one thousand Work and Holiday Program places available to young adventurous Indians. It also maintains opportunities for Indian students graduating in Australia to undertake post-study work, with a bonus year of stay for high-performing graduates.
The Australian Government is pursuing further opportunities in goods and services, in addition to new commitments in areas such as digital trade, government procurement, and new areas of cooperation.
For more information. please visit FTA Portal.