MELBOURNE, 16 December 2022: The Department of Foreign Affairs and Trade (DFAT) has today launched a business guide for Australian exporters to and importers from India, to take advantage of new trade opportunities when the Australia-India Economic Cooperation and Trade Agreement (ECTA), also known as the Free Trade Agreement, enters into force on 29 December 2022.
The ECTA was signed by then Minister for Trade, Tourism and Investment Dan Tehan and India’s Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles of India Piyush Goyal on 2 April 2022.
The 22 pages document, consists of: Step 1: Identify the tariff classification of your goods 3 Classification 3 Advance rulings 3 Step 2: Understand how your goods will be treated under ECTA 4 Exporters 4 Importers 4 Reading the tariff schedule 5 Step 3: Determine whether your goods meet the rules of origin 7 Goods containing inputs from outside India or Australia 7 Understanding product specific rules 7 Change in tariff classification 8 Qualifying value content 8 Product specific processing rules 8 Understanding other rules in Chapter 4 (Rules of Origin) 9 Using rules of origin under ECTA 13 Step 4: Obtain a Certificate of Origin for your goods.
The guide says, “From 29 December 2022, 85 per cent of Australian goods exports by value to India will be tariff free, rising to 90 per cent in 6 years. In addition, high tariffs will be substantially reduced on some agricultural products.
From 29 December 2022, 96 per cent of Australian imports from India will be permitted to enter Australia duty free, rising to 100 per cent in 4 years.
This step-by-step guide seeks to assist Australian exporters and importers to take advantage of preferential tariff treatment under ECTA.”
AUSTRALIA-INDIA ECTA OFFICIAL TEXT
MEDIA RELEASE: TRADE DEAL WITH INDIA DELIVERS FROM DEC 29
