New trade agreement signed between Australia and India
At the beginning of April, Australia and India signed the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA). The agreement eliminates the current 30% import tariff levied on Australian sheepmeat on entry into force, according to a press release from the Australian Meat Industry Council (AMIC).
“We are incredibly pleased with this announcement today which will open up new market opportunities and new investment opportunities for the Australian sheepmeat industry. AMIC has been focused on achieving this fantastic outcome for the benefit of our sheep processing members and exporters, for a very long time.
This deal is a testament to the quality and desirability of Australian sheepmeat across the world, and we are excited to be able to add to the growing list of satisfied global consumers who demand Australian red meat,” said Roger Fletcher, AMIC Board Director and Chair of AMIC Sheepmeat Policy Group.
Sheep meat consumption in India for the last 5 years has been constantly around 700,000 tonnes/ year and it is expected to increase gradually over the next 10 years.
“We have been working exceptionally hard behind the scenes in our advocacy efforts with a wide range of stakeholders to ensure there is a concerted effort in pursuing market opportunities in India. What has been achieved is a clear outcome of what can be done when industry and government work closely together to maximise market opportunities.
This fantastic deal will give us added market longevity and market mix, in a diversified portfolio of new and emerging markets, as well as mature markets where we have existing strong commercial relationships. We are looking forward to the opportunities being offered in India and the new commercial relationships that we will build there in the years to come.,” said Patrick Hutchinson, AMIC CEO.
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