{"id":34311,"date":"2022-12-13T12:41:07","date_gmt":"2022-12-13T07:11:07","guid":{"rendered":"https:\/\/plyinsight.com\/?p=34311"},"modified":"2022-12-13T12:41:27","modified_gmt":"2022-12-13T07:11:27","slug":"india-australia-fta-will-boost-furniture-export","status":"publish","type":"post","link":"https:\/\/plyinsight.com\/hi\/india-australia-fta-will-boost-furniture-export\/","title":{"rendered":"India Australia FTA will boost furniture export"},"content":{"rendered":"

The Australian Parliament on Monday ratified the Economic Cooperation and Trade Agreement (ECTA) with India, Paving the way for implementing the deal as early as January 1, 2023.<\/p>\n

\u201cThere is good chance that the deal will be implemented starting January 1, 2023, though the Christmas Holidays are coming.\u201d The Deal will now need approval from the Australian Cabinet and the President of India. The ECTA will enter into force 30 days after an exchange of written notifications on the completion of domestic processes.<\/p>\n

The Australian Parliament also amended the double tax avoidance agreement (DTAA) with India to stop taxing the offshore income of Indian information technology companies operating in Australia. This will resolve a long Pending issue and lead to saving of more than $200 million for IT companies per year.<\/p>\n

Under the deal, Australia has agreed to eliminate customs duty immediately on 98.3 per cent of the traded goods and on 100 per cent tariff lines over a period of five years. India, on the other hand, India will do away with Customs duties on 40 per cent of products immediately and on 70.3 per cent of tariff lines over a period of 10 years.<\/p>\n

Major labour-intensive sectors in India that will benefit from the elimination of 5 per cent Customs duty at present include textiles and apparel, agricultural products, leather, jewellery, and pharmaceuticals, along with furniture. It will enhance the scope of furniture export from India.<\/p>\n

Australia has done this for any country. It reflects the confidence and trust between the two countries.<\/p>\n

India had a trade deficit of $8.5 billion with Australia in FY2022, with $8.3 billion worth of exports and $16.8 billion worth of imports. Total bilateral trade is expected to cross $45-50 billion in five years from $25 billion at present after the trade deal comes into force.<\/p>\n

\n

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The Australian Parliament on Monday ratified the Economic Cooperation and Trade Agreement (ECTA) with India, Paving the way for implementing the deal as early as January 1, 2023. \u201cThere is good chance that the deal will be implemented starting January 1, 2023, though the Christmas Holidays are coming.\u201d The Deal will now need approval from […]<\/p>","protected":false},"author":1,"featured_media":34314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3693],"tags":[3743,763,3744,1949,3745,1349],"class_list":["post-34311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-december-articles-22","tag-austrailia","tag-furniture","tag-furniture-export","tag-hardware","tag-india-australia-fta-will-boost-furniture-export","tag-indian"],"yoast_head":"\nIndia Australia FTA will boost furniture export - PLY INSIGHT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/plyinsight.com\/hi\/india-australia-fta-will-boost-furniture-export\/\" \/>\n<meta property=\"og:locale\" content=\"hi_IN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India Australia FTA will boost furniture export - 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