India will remove tariffs on certain edible meats, while Australia will issue a new category of student visas under the new trade deal between the two countries, according to two government officials.
The economic and trade cooperation agreement between India and Australia signed earlier this month also includes provisions for bilateral trade in the wine, whiskey, organics and pharmaceuticals sectors, the two officials said on condition of anonymity, with details not yet public.
The pact was signed by Union Trade Minister Piyush Goyal and Australian Trade, Tourism and Investment Minister Dan Tehan on April 2.
The commercial documents have not yet been made public. BloombergQuint reviewed a copy.
Both countries aim to double annual trade volumes which currently stand at $27 billion.
After the entry into force of the agreement, the two countries will benefit from tariff lines or the collection of rates for different products. India will enjoy preferential market access to Australia on 100% of tariff lines or each tariff rate band, regardless of product, while India will provide preferential market access to Australia on more than 70% of tariff lines.
In services, Australia has offered far-reaching commitments in about 135 sub-sectors and most-favoured-nation status in 120 sub-sectors, according to the statement.
A query emailed to the Department of Commerce went unanswered.
Here is a list of the main provisions:
Under the deal, India will remove tariffs on fresh, chilled and frozen edible meat from cattle, pigs, sheep and horses with immediate effect, the first official quoted above said.
The two countries have agreed to provide visas to former students of science, technology, engineering or mathematics or STEM, including Indian information and communication technology or ICT professionals, to live, study and work temporarily after the end of their studies, said the first government official quoted earlier.
A visa for up to 18 months will be granted to students upon graduation or professional qualifications.
Upon completion of a bachelor’s degree, a visa for up to two years will be provided.
After completing a master’s degree, a visa for up to three years will be provided.
After obtaining a doctorate, a visa for a maximum of four years will be provided.
Australia has also agreed to provide Indians with a 12-month “work and holiday” visa within two years of the deal taking effect.
According to documents reviewed, visa holders can make their first entry into Australia within 12 months of obtaining a visa, stay in the country for up to 12 months from the date of first entry, exit and return as many times as they wish. want during the period of stay and are in paid or unpaid employment for the entire duration of their stay.
According to the trade documents, India and Australia will hold technical consultations on wine trade and production, collaborate on projects, share best practices on policies and procedures, as well as exchange information and technical assistance.
Once the agreement enters into force, a joint dialogue on wine will be established with government and industry representatives from both countries, the first official said. According to him, from now on the plan is to meet annually.
Within six months of the deal’s entry into force, a working group will be set up to deal with issues relating to access to the whiskey market, including its maturation rules, the first person quoted said. -above.
Organic production and certification
The two countries will exchange information on issues relating to organic production, certification of organic products and related control systems.
The document provides for a period of 12 months, from the date of signature of the agreement, to conclude negotiations on a mutual recognition evaluation for organic products.
The agreement stipulates that India’s Central Medicines Control Organization and Australia’s Therapeutic Goods Administration will work together to facilitate trade in prescription drugs for humans, including generic prescription drugs and biosimilar medicines and medical devices.
India and Australia have agreed to use inspection reports from their respective regulatory authorities for quality assessment of manufacturing facilities, thereby reducing the time required for in-country inspections.