The Australia-India Economic Cooperation and Trade Agreement (ECTA) was set in place on 29 December 2022. Since then, Australian businesses have benefited from access to more than 85 Indian service sectors and subsectors. Australian service suppliers in 31 sectors and subsectors have also been guaranteed to receive the best treatment accorded by India to any future free trade agreement partner.
ECTA is a stepping-stone towards a full Australia-India Comprehensive Economic Cooperation Agreement (CECA) and has enabled Indian tariffs on over 90 per cent of Australia’s goods exports to India to be eliminated. Additionally, the agreement offers opportunities for our exporters to diversify into a $4.3 trillion market of nearly 1.5 billion people.
Benefits of The ECTA
Tariff Reductions
The ECTA has allowed the elimination of tariffs on over 85% of Australian exports, opening new service markets for suppliers in sectors that complement India’s domestic reform priorities.
Access to a Larger Market
Easier entry into India’s market means access to over 1.4 billion people, significantly increasing the consumer base for Australian businesses. Furthermore, the ECTA has made entry easier and more predictable for businesses.
Increased Opportunities in Specific Sectors
The ECTA guarantees that Australian exporters from specific sectors will be able to obtain preferential access to the Indian market. This includes key Australian goods such as Wool, Barley, Coal, Metallic Ores, and much more. Exporters of these industries will consequently see an increase in sales and market opportunities.
Diversification
ECTA provides an incentive for Australian businesses to expand into India and vice versa. Access to over 85 service sectors helps diversify Australia’s exports, and with tariff reductions, a larger range of products also becomes more competitive.
How We Can Help
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Exporting to international markets doesn’t have to be difficult. With our expertise and knowledge in international freight logistics and customs clearance, we can provide you with the professional advice and support you need. Whether you’re after Air Freight Services, Sea Freight Shipping, or just a reliable Custom Broker in Perth, Bullocks Freightmaster is your go-to Australian Trusted Trader (ATT) accredited business. Contact us today to learn more about our services.
