The Australian Government has confirmed completion of the domestic requirements to enable implementation of the Australia-India Economic Cooperation and Trade Agreement (ECTA).
The trade agreement will open new market access and opportunities for Australian business and consumers from the 29th of December 2022.
From the 29th of December, tariffs on 85 per cent of Australia’s exports to India will be eliminated and high tariffs on a further 5 per cent 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 the 1st of January 2023.
The Agreement also presents enormous opportunity for Australian service-based companies and professionals accessing the Indian market. India has guaranteed Australian service suppliers in thirty-one sectors and subsectors the best treatment afforded to its future trade agreement partners. This will benefit suppliers of higher and adult education, business services, research and development, communications, construction and engineering services, insurance, banking, health services and hospitals, audio-visual, tourism and travel.
An approved Certificate Of Origin issued by an authorized body must accompany each shipment in order for the goods to qualify.
If you’re importing or exporting to or from India and wish to learn more about this opportunity, please feel free to reach out to one of Aurora’s trained Customs professionals.