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India and Australia will sign a temporary free trade agreement on Saturday

Bolly Inside - 26 September 2022

India and Australia will sign a temporary free trade agreement on Saturday
By Patrick Huston

After years of negotiations, Australia and India will sign a temporary free trade agreement on Saturday, removing an 85% tariff on exports of Australian goods to India. The India deal will open up a market of approximately 1.4 billion consumers and boost Australia’s economy. Australian Prime Minister Scott Morrison said in a statement: “This agreement opens a huge door to the world’s fastest growing major economy for Australian farmers, manufacturers, producers and many others.

It will be registered,” tweeted Steven Zjezik, Foreign Affairs (Asia Pacific) reporter for the Australian Broadcasting Corporation, based in Canberra’s Houses of Parliament. The Australian government said the deal would eliminate tariffs on his more than 85% of Australian exports to India, rising to nearly 91% over a decade. The Australian government points to benefits for many producers. Tariffs on a range of Australian commodities, including mutton, wool, fresh rock lobster and some metal ores, will be lifted.

The Australia-India economic cooperation and trade agreement is due to be signed in a virtual ceremony on Saturday by Trade Minister Dan Tehan and Indian Trade and Industry Minister Piyush Goyal, Australia, in a statement Friday night. Morrison and Indian Prime Minister Narendra Modi witnessed the signing of an interim agreement as the two countries continue their efforts towards a full free trade agreement. “After lengthy negotiations spanning more than a decade, Australia and India will sign an interim free trade agreement on Saturday.

Tariffs on other Australian exports such as avocados, nuts, some beans, cherries and various berries will be phased down to zero. Meanwhile, Australian wine tariffs have been reduced (not eliminated). However, some key sectors are still excluded. Australia has refused to give up labor market testing. “There are no big surprises here either. The government has instead announced modest ‘job mobilization’ measures for Indian university graduates,” Dziedzic said.

“This agreement builds on strong security partnerships and joint efforts in the quad that have created opportunities to take our two countries’ economic ties to a new level.” I was. Canberra will export A$19.3 billion worth of goods to India in 2021, accounting for 4.2% of Australia’s total exports.

“This includes opening his 1,000 working his holiday visas to Indian backpackers. The government is also encouraging top Indian graduates in IT, engineering, mathematics and science to I will allow you to stay in Australia for a little longer,” Dziedzic added. But Australia has been unable to persuade India to lower its barriers to Australian commodities in sensitive sectors such as chickpeas and dairy – which are excluded.Mr Morrison said India, Australia and the United States , referring to Japan’s Security Group.

 source: Bolly Inside