NEWS
INDIA AND AUSTRALIA LIKELY TO SIGN MINI TRADE DEAL SOON TO LIBERALISE WINE TARIFFS
By Siulan Law Mathews DipWSET
6-12-2021
Credit: Naveed Ahmed/Unsplash
India and Australia are confident in signing an early harvest trade deal this month or early next month, which could include market access concessions for Australian wines, Canberra’s special envoy to India and former Prime Minister Tony Abbott said last Friday.
After meeting with India’s Commerce and Industry Minister Piyush Goyal last Thursday, Abbott also said a comprehensive free trade agreement (FTA) could be forged between India and Australia in 2022.
Early harvest agreements are used to liberalise tariffs on the trade of certain goods between two countries or trading blocs before a comprehensive free trade agreement is concluded.
Accusing China of "weaponising" trade in recent years, Abbott said the current trade tensions between China and many countries provide an opportunity for India to emerge as a reliable substitute in global supply chains.
“And what we’ve seen from China, particularly us in Australia, is we’ve seen the weaponisation of trade, something like USD20 billion worth of Australian trade has been arbitrarily disrupted, or suspended by China. It’s very difficult under these circumstances to see China as a trusted partner,” he said.
Abbott said Australia particularly hoped to make progress on import duties on Australian wines in the early harvest deal with India.
“I think anyone who currently enjoys Australian wine knows just how good it is. And I am hoping that more and more people will have an affordable opportunity to experience this great Australian product in the months and years ahead,“ he said.
Apart from market access for Australian wines, the early harvest deal would also include better mobility for working professionals and students between the two countries.
(the writer can be contacted at: info@thewinechronicle.com)
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