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Key sub-sectors benefiting from these tariff reductions are:
Tariff reductions to benefit sheep meat, wool, wine and other produce such as beans, nuts, cherries, avocados and berries.
Mutual recognition of professional qualifications, licensing and registration procedures between professional services bodies. In addition, 1,000 young Indians will be able to participate in the working holiday visa program every year to contribute to the workforce and tourism in order to support post-COVID recovery.
The length of stay for an Indian Student with a bachelor’s degree with first class honours will be extended from two to three years post study in Science, Technology, Engineering or Mathematics (STEM) and Information and Communications Technology (ICT) sectors.
Elimination of tariffs on entry into force for coal, alumina, metallic ores, including manganese, copper and nickel; and critical minerals including titanium and zirconium. LNG tariffs will be bound at 0 per cent at entry into force.
Tariffs on pharmaceutical products and certain medical devices will be eliminated over five and seven years .
Grant Thornton Australia welcomes this historic agreement and is well equipped to assist clients and businesses both in India and Australia. To understand how you can leverage this agreement, please reach out to our experts below.
