INDIA: Interim Trade Deal with Australia Signed

On 2 April 2022 India and Australia signed the India-Australia Economic Cooperation Trade Agreement (IndAus ECTA), India’s first trade agreement with a developed country in over a decade, according to a statement from India’s Ministry of Commerce & Industry. Australia has committed to preferential market access on 100% of tariff lines for Indian exports, including leather, gems and jewellery, textiles, footwear, sports products, agricultural products, food, medical devices, automobiles and engineering products. India will provide preferential access for Australian products on more than 70% of tariff lines, including mineral ores, coal, sheep meat and wool. 

For trade in services, Australia committed to tariff reductions in about 135 sub-sectors, and Most Favoured Nation (MFN) terms for 120 sub-sectors, including information technology, health, business services, audio visual and education. Australia will also offer mutual recognition of professional occupations; quotas for chefs and yoga teachers; post-study work visas for Indian students; and work and holiday visas for young professionals. India will provide preferential access to about 103 sub-sectors and MFN terms for 31 sub-sectors, including communications, construction and related engineering, and business services.