¨
100% Australian tariff
lines will be zero-duty for Indian exports from 1st January 2026.
¨
Commerce Minister Piyush
Goyal made this announcement and said that this will bring new opportunities
for labour-intensive sectors.
¨
Indian exports will face
zero import duty on all Australian tariff lines from January 1.
¨
He talked about benefits
of India-Australia Economic Cooperation and Trade Agreement on its third
anniversary.
¨
He said the agreement has
led to sustained export growth, deeper market access, and stronger supply-chain
resilience during the past three years.
¨
He said that India's
exports to Australia increased by eight per cent in 2024-25.
¨
He highlighted that the
agreement is benefiting Indian exporters, MSMEs, farmers, and workers.
¨
He said gains were seen
across manufacturing, chemicals, textiles, plastics, pharmaceuticals, petroleum
products, and the gems and jewellery sector.
¨
He also said that Gems
and Jewellery exports increased 16 between April and November 2025.
¨
India-Australia Economic
Cooperation and Trade Agreement was signed on April 2, 2022.
¨
A tariff line refers to a
specific product classification in customs schedule of a country.
¨
It is identified by a
unique code used to apply duties and taxes for international trade.
India-Australia diplomatic
relations
¨
India and Australia
established diplomatic relations with setting up of India Trade Office in
Sydney in 1941.
¨
Bilateral relationship
between India and Australia was upgraded from ‘Strategic Partnership’ in 2009
to Comprehensive Strategic Partnership (CSP) in 2020.
¨
1st India-Australia
Annual Summit was held in New Delhi on 10 March 2023.
