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India s exports to Australia surged 14% to USD 5.8 billion from April-November, benefiting engineering, pharma, and electronics sectors due to the free trade pact initiated last December. Negotiations for a broader trade deal are progressing, focusing on detailed rules of origin. Australian FDI in India rose from USD 30-40 million to USD 300 million this year. However, Indian imports from Australia fell by 19%, totaling USD 11.14 billion. Key growth sectors include engineering, pharma, and electronics, diversifying India s trade basket with Australia. ....
India’s exports to Australia fell by 62% in December 2022 as exporters delayed the shipments to get the benefit of 5% duty under the India-Australia Free Trade Agreement, which came into effect from December 29. ....
India has offered zero-duty access on coal, alumina calcined, manganese ore, copper concentrates, bauxite, sheep meat, rock lobster, macadamia nuts, cherries, and wool, he said.According to the CII release, about 96 per cent of Australias exports to India comprised of raw materials and intermediate products, thus the tariff concessions offered by India will allow localdomestic industries to get cheaper raw materials and enhance their competitiveness.CII is also looking forward to various opportunities for trade-in services. ....