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Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner. India-Australia bilateral trade for both merchandise and services is valued at US$ 27.5 billion in 2021

The India-Australia ECTA is the first trade agreement of India with a developed country after more than a decade. The Agreement covers areas like Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures,

India will benefit from preferential market access provided by Australia on 100% of its tariff lines. This includes all the labour-intensive sectors of export interest to India such as Gems and Jewellery, Textiles, leather, footwear, furniture, food, and agricultural products, engineering products, medical devices, and Automobiles.

On the other hand, India will be offering preferential access to Australia on over 70% of its tariff lines, including lines of export interest to Australia which are primarily raw materials and intermediaries such as coal, mineral ores and wines etc.

Australia has offered wide ranging commitments in around 135 sub sectors and Most Favoured Nation (MFN) in 120 sub sectors which cover key areas of India’s interest like IT, ITES, Business services, Health, Education, and Audio visual. Some of the key offers from Australia in the services space include: Quota for chefs and yoga teachers; Post study work visa of 2-4 years for Indian students on reciprocal basis

India-Australia bilateral trade for both merchandise and services is valued at US$ 27.5 billion in 2021. India’s merchandise exports to Australia grew 135% between 2019 and 2021. India’s exports consist primarily of a broad-based basket largely of finished products and were US$ 6.9 billion in 2021.

Thi India-Australia ECTA will further cement the already deep & strategic relationships between the two countries.

iPhone Exports From India

Apple will be closing FY22 with exports worth Rs 10,000 crore

during the fiscal Apple was able to meet 75-80% of its total demand in India through domestic production, earlier only 10-15%

Iphone in India is manufactured by Wistron and Foxconn, Pegatron — which has also been selected under the PLI but will start production from April 1

The iPhone models which have been exported the most are SE 2020, which is made by Wistron, followed by iPhone 11 and 12 which are being made by Foxconn. Sources said Foxconn will soon start manufacturing iPhone 13 in India.

The total outlay for smartphone PLI over five years is Rs 40,951 crore and the incentive ranges between 4-6% annually.

Five global and local firms have been selected under the scheme. Apart from Samsung among the global ones, the other three — Foxconn Hon Hai, Rising Star, Wistron and Pegatron are contract manufacturers of Apple. These firms have to manufacture phones with invoice value of over Rs 15,000.