The signing of an interim trade agreement between Australia and India will eliminate 71% of tariffs, covering 91% of Australia’s exports to India, including a suite of Australian minerals.*
The interim agreement, ahead of finalising the Comprehensive Economic Cooperation Agreement (CECA) expected in 2022, is an important milestone in Australia deepening and developing its trade and investment relationship with India.
It also recognises the mutual benefits of supply chain security and co-operation delivering prosperity and a common effort on global challenges. India has represented an enormous potential opportunity for Australian mining and METS companies, and exporters more generally.
Australian mining has a reputation as a reliable and responsible partner in supporting global economic development, secure supply chains and decarbonisation.
A deeper resources trade and investment relationship with India will broaden the economic, technology and trade coordination, adding to the deep people-to-people links between the two nations.
The mining industry looks forward to further co-operation and economic integration as the two nations finalise the comprehensive agreement and pave the way for expanded trade and investment flows to the benefit of both economies and the region.
India’s extraordinary economic growth over the past decades has been driven by its growing middle class and rapid industrialisation and urbanisation. Between 1999 and 2019, its economy grew more than six times to US$2.87 trillion, according to the World Bank.
* The interim agreement’s elimination of tariffs across a suite of Australian minerals exports to India include: natural sands, magnesium, manganese, copper, nickel, cobalt, bauxite, coal, coke and semi-coke of coal, alumina, tin, tungsten, molybdenum, silver ore, zirconium, antinomy, lithium, niobium, many rare earths, titanium, vanadium and phosphates.
Read the article online at: https://www.globalminingreview.com/finance-business/04042022/australia-and-india-sign-trade-agreement/