India Australia trade: 95% tax exemption on goods!

Sindujaa D N

India australia trade: India-Australia historic Economic Cooperation and Trade Agreement signed today. australia grants 95 per cent of the goods exported from india under this agreement. In particular, exemptions will be given for items including textiles, leather goods, gold jewelery, sports equipment and machinery.



Signature

On behalf of india, Union minister of Trade and industry Piyush Goyal and Australian minister of Trade, Tourism and Investment Dan Dehan signed the India-Australia Economic Cooperation and Trade Agreement via video. The agreement was signed in the presence of Australian prime minister Scott Morrison and prime minister Narendra Modi. 


Emotional

Commenting on the agreement between the two countries, prime minister Modi said, "This trade agreement is truly sentimental in the India-Australia friendship."


Trade will increase

Central Trade minister Piyush Goyal said, “Trade between the two countries is currently worth $ 27 billion a year. This will increase to $ 4500 to 5000 crore in the next 5 years. From the date of signing of this Agreement 96.4% of goods exported from india will be tax deductible. At present 4 to 5 per cent customs duty is levied on indian goods. It will not be anymore. ”



This is Australia's 17th trade agreement with India. australia is the 9th largest partner for India. In 2021, trade in goods and services between the two countries alone was $ 27.5 billion.



Increase in imports

690 crore from india in 2021. However, india has exported more petroleum products, textiles, readymade garments, machinery, leather goods, chemicals, precious stones and gold jewelery. raw materials, including coal and minerals, are imported from Australia


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