Australia
New Zealand The Australian Government has announced that the Australia-India Economic Cooperation and Trade Agreement (ECTA) will come into force from 29 December 2022.
From 29 December, tariffs on 85 percent of Australia’s exports to India will be eliminated and high tariffs on a further 5 percent of goods will be phased down.
Entry into force of the agreement before the New Year delivers a double bonus of two tariff cuts in quick succession: one as the agreement comes into effect and a second on 1 January 2023.
The ECTA 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 our manufacturing sector.
The tariff commitments provided by India in the agreement will open up access for Australia’s exporters of products including critical minerals, pharmaceuticals, cosmetics, lentils, seafood, sheepmeat, horticulture and wine.
Prime Minister Anthony Albanese said that the agreement is the next step in elevating our relationship with India, the world’s fastest-growing large economy.
For further information regarding the ECTA, please contact your local Seabridge representative.
