Rieker
India and Australia sign bilateral free trade agreement
12.05.2022 314

India and Australia sign bilateral free trade agreement

A bilateral free trade agreement between India and Australia, which includes significant tariff cuts, will allow India to double trade from about $27 billion to $50 billion in five years.

“This is a watershed moment for our bilateral relationship. Based on this agreement, together we will be able to increase the resilience of supply chains, as well as contribute to the stability of the Indo-Pacific region,” Indian Prime Minister Narendra Modi said in a comment to The Economic Times.

The Australia-India Economic Cooperation and Trade Agreement (AIECTA), which is the first trade agreement signed by advanced economies India in over a decade, is expected to boost bilateral trade as it not only eliminates and cuts tariffs on a wide range of goods, but also addresses issues such as technical barriers and sanitary and phytosanitary restrictions.

Indian textiles, apparel, leather, footwear, and certain agricultural and fisheries products, sporting goods, jewellery, engineering products, and certain pharmaceuticals and medical devices, which are subject to Australian import duties of 4 to 5% instantly get the opportunity to import duty-free. Tariffs on the remaining 113 food items will be abolished within five years. In turn, tariffs on more than 85% of Australia's exports of goods will also be immediately removed, and within 10 years, this cancellation will apply to almost 91% of products.

Unlike other Asian countries, India does not belong to any major regional trading bloc and does not have bilateral or regional trade agreements with most of the world's largest economies. By entering into a duty-free trade agreement with Australia, the country hopes to send a signal to other developed countries that are already negotiating similar agreements with New Delhi (eg the UK, Canada, Israel and the EU).

A bilateral free trade agreement between India and Australia, which includes significant tariff cuts, will allow India to double trade from about $27 billion to $50 billion in…
5
1
Rating
Euro Shoes Exhibition

Latest News

Manolo Blahnic and Birkenstock release second collaboration

The Manolo Blahnic and Birkenstock collaboration continues with a collection of sandals and clogs in transparent PVC with polka dots. Unlike the first part of the collaboration between the two brands, which was released in March of this year and featured elegant,…
24.05.2022 54

Spanish footwear brand Camper has suspended work in Russia

On the start page of the online store of the Spanish footwear brand Camper, there is an announcement about the temporary suspension of the company Camper…
24.05.2022 73

Fashion house Prada has released a collaboration with artist Cassius Hirst

The Italian luxury brand invited British artist Cassius Hirst, who paints on sneakers using shoes as a blank canvas, to collaborate on an exclusive collection by designing Prada America's…
23.05.2022 72

Balenciaga and Adidas launch collaboration

Called "Balenciaga/Adidas", the collection aims to bring together the archives of both brands to reimagine each one's DNA. The inspiration for the designers was the fashion of the late 90s and early 2000s, - writes ...
23.05.2022 263

Footwear exports from Portugal up 25%

In the first quarter of 2022, Portugal exported 21 million pairs of shoes worth 493 million euros. Overall, Portuguese footwear exports grew by 25,2% in the first quarter of this year compared to the same period in 2021, increasing…
22.05.2022 218
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning