India-Australia trade pact utilisation at average 90% in first six months

As much as 51% of the nearly 6,500 tariff lines in Australia were already attracting zero import duty

The utilisation rate of the India-Australia trade pact is estimated at an average of 90 per cent during the first six-months since implementation of the interim trade deal, even as exports, in terms of value, witnessed 25 per cent year-on-year (YoY) contraction during the same time period.

According to initial estimates compiled and analysed by the department of commerce, most of the labour-intensive sectors that received immediate duty concessions — from 5 per cent to zero duty — have been utilising the duty-free access while exporting goods to Australia.

The key beneficiaries of the duty concessions include exporters of items