India and Australia will Sign Interim Trade Pact on Saturday

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India and Australia will Sign Interim Trade Pact on Saturday
02 Apr 2022
5 min read

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News Synopsis

According to sources, India and Australia are likely to sign the interim trade pact today. The government sources further informed that after this pact, Indian exporters from over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery, will get duty free access in the Australian market. This pact will come into effect once it gets approval from the Union Cabinet in India and the Parliament in Australia. Immediately after the implementation of the pact, around 6,000 tariff lines would be available for Indian exporters at zero duty. Currently, Australia charges around 4-5 per cent customs duty on the items exported to Australia from India. India trade in about 11,500 tariff lines while Australia has over 6,500 tariff lines. Sectors that will be benefitted from this trade pact are majorly Labour intensive sectors that includes textiles and apparel, few agricultural and fish products, leather, footwear, furniture, sport goods, jewellery, machinery, electrical goods, railway wagons, selected pharmaceutical products and medical devices.

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