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The resources sector will be a major beneficiary after the Australia-India Economic Cooperation and Trade Agreement was officially signed, making exports to India cheaper and creating huge new opportunities for workers and businesses.
Tariffs will be eliminated on more than 85 per cent of Australian goods exports to India (worth more than $12.6 billion a year), rising to almost 91 per cent ($13.4 billion) in 10 years.
The resources sector will benefit from the elimination of entry tariffs on coal, alumina, metal ores including manganese, copper and nickel; and critical minerals including titanium and zirconium.
Minerals Council of Australia chief executive Tania Constable reported that the agreement recognised the mutual benefits of supply chain security and cooperation that brings prosperity and a common effort on global challenges.
India represented a huge potential opportunity for Australian mining and METS companies, and exporters more generally. The Australian mining industry has a reputation for being a reliable and responsible partner in supporting global economic development, secure supply chains and decarbonisation.
A deeper relationship with India on resource trade and investment will expand Australia’s economic, technological and trade coordination, adding to the deep people-to-people ties between the two nations.
Prime Minister Scott Morrison has reported that the agreement will create huge trade diversification opportunities for Australian manufacturers and direct service providers in India, valued at up to $14.8 billion annually.
