Australian agriculture exports to India surged by 50% in the past year following the implementation of a free trade agreement between the two nations.
Increases include sheep meat, seafood, broad beans, citrus, and almonds. Industrial exports, including pharmaceuticals, wood and paper, and cochlear implants, have also seen a 30% boost.
Tariff reductions on additional Australian exports, such as seafood, cherries, sandalwood, and wine, effective Jan. 1, 2024, are expected to enhance competitiveness.
Lower taxes on $15.2 billion worth of exports and $145 million in duties saved by households indicate substantial economic benefits.
The trade agreement strengthened economic ties, facilitated access to diverse markets, and eased pressure on supply chains in Australia.
Ongoing negotiations for an economic cooperation agreement aim to boost digital trade and expand market access for Australian agricultural products.