06 Jun Australia Seals Preliminary Free Trade Agreement with India
Australia and India have completed the first stage of a two-stage process that will culminate in the full Australia-India Comprehensive Economic Cooperation Agreement (AICEPA) towards the end of 2022.
This agreement will build on the $24.3 billion of trade already occurring between the countries. Tariffs will reportedly be eliminated on more than 85% of Australian goods exports to India, valued at more than $12.6 billion a year, rising to almost 91% over 10 years and this agreement will provide new export opportunities for barley, sheep meat and wine (many of which have been subject to recent import controls by China). Conversely, India will be seeking to increase the provision of technology-related services, which are currently in demand in Australia.
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