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Sale of Indian breads, packaged foods & frozen processed foods surge in Australian market.
Mar 13, 2024

The Australian government has noted a rise in the sale of Indian breads, packaged foods & frozen processed foods in their local market after the implementation of the India-Australia Economic Cooperation and Trade Agreement (ECTA), which was signed on 29th December 2022.
 
Among Australian products; avocados, almonds, paper, wood, seafood and lamb are being sold in India, apart from premium Australian wines, on which duty has been reduced from 150% earlier to cascading levels based on bottle's cost, under the existing ECTA. 
 
While India's unprecedented move to cut duties on Australian premium wine has increased market access for the product, Australia is cooperating with the Indian wine industry by assisting in technical know-how & collaboration.
 
John Southwell, Australia's Trade and Investment Commissioner responsible for Food & Beverages, agricultural & consumer products in South Asia, described the situation as a two-way street with more Australian premium wines on the tables of consumers along with growth of Indian wine industry.
Speaking to CNBC-TV18 after buying grocery using UPI in Delhi's INA market, he praised the ease in transactions enabled by the UPI as he bought products like oranges and avocados from Australia from the market in India's national capital. Terming sky as the limit for India-Australia trade after a great start in the form of ECTA, he pointed out that bilateral trade in agri-food products is up, along with complementary trade in areas like cereals, breads & packaged food products.
He stated that the India-Australia Comprehensive Economic Cooperation Agreement (CECA) is under negotiation, and described India as a fantastic trade partner which Australia looks to collaborate more with while it diversifies its markets.
    
cnbctv18.com

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