Australia India Free Trade Agreement
Thursday, 14 April 2022 2:46 pm
A quick look from a marine industry perspective...
These past two weeks has seen Australia and India finalise the FTA between the two countries.
This will be quite beneficial for both countries, although marine exporters from Australia will not be getting quite the same deal as marine exporters from India.
Just looking at the agreement it appears that Australian buyers can import small ferries ( under 150GT) or aluminium plate for a duty of 5%, while Indian buyers will pay a duty of 10% for Australian built ferries and commercials.
Notably the duty into India from Australia, for fishing vessels and dredgers is 0%, so this may be a boost for Aussie builders, and Australian duty for marine engines coming from India is 0%.
Good luck to all and hope to see some trade buoyancy between our two nations.
Happy exporting !