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No duty concessions on 29.8 percent of product categories in FTA with Australia

New Delhi, May 5 (PTI) India will not offer any import duty concession on 29.8 per cent of product categories under the proposed Free Trade Agreement (FTA) with Australia.

These product categories include dairy products, food grains, precious metals, jewelery and most medical devices.

According to the FAQ (Frequently Asked Questions) prepared by the Ministry of Commerce on India-Australia Economic Cooperation and Trade Agreement, the decision has been taken keeping in view the sensitivity of these products to the domestic industry.

The two countries signed the agreement on April 2. It is not implemented yet.

According to the FAQ, “India has placed 29.8 percent of its tariff lines under the exclusion list.”

It said that India has kept many sensitive products out of the list, on which no concession will be given.

These include milk and other dairy products, chickpeas, walnuts, pistachios, wheat, rice, millet, apples, sunflower oil, sugar, oil cakes, gold, silver, platinum, jewellery, iron ore and most medical equipment.

According to the FAQ, trade in goods and services between the two countries is expected to increase to US$ 45-50 billion from the current US$ 27.5 billion with the implementation of the trade agreement.

The agreement is expected to provide employment to about one million people in the next five to seven years.

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