WoolProducers Australia welcomes the signing of the Interim India-Australia Comprehensive Economic Cooperative Agreement
Under the interim agreement there will be an elimination of Indian tariffs on Australian wool from entry into force of the agreement.
WoolProducers President, Mr Ed Storey said, “The immediate removal of tariffs on wool going into India is an exciting development in trade relations for the wool industry”.
“We hope to see an immediate impact of the removal of these quotas our market”. Mr Storey said.
WoolProducers provided a confidential submission to the Department of Foreign Affairs and Trade in December last year requesting an Australian-Indian Free Trade Agreement that was beneficial to the Australian wool industry, seeking duty-free, quota-free access for wool into this important market.
“WoolProducers’ submission outlined potential benefits to the Australian wool industry under an IA-CECA, including market expansion due to the complementarity between our industry and India’s existing textile industry”. Mr Storey said.
India is a significant market for Australian wool, with India in recent times being the third largest single-country importer, however, was hit hard by the Covid-19 pandemic resulting in an initial 30% drop in the value of India’s domestic textile and apparel market.
“In recent times we have seen India become more active in the Australian wool market, with an 82% year-on-year increase in volume being purchased between July, 2021 to January this year, we believe that this agreement is therefore ideally timed”. Mr Storey said.
A healthy and mutually beneficial relationship between the Australian and Indian wool and textile industries will benefit not only the Australian wool industry, but all Australians through the significant contribution wool, and the whole of agriculture, can deliver to our nation through a strong trading relationship supported by the CECA.
“We’d like to thank Minister Tehan and his team for delivering this important agreement”. Mr Storey said.
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WoolProducers Australia contacts:
Jo Hall, CEO
0488 554 811
Ed Storey, President
0438 309 500
About WoolProducers’ Australia
WoolProducers plays a critical role in working closely with companies and entities funded by woolgrower funds including compulsory levies or fees for service.
Its mission is to develop constructive and profitable outcomes for woolgrowers nationally.
The agency is responsible for appointing a director to each of the Australian Wool Exchange and the Australia Wool Testing Authority, promoting good corporate governance and ensuring that the interests of growers are met.
WoolProducers maintains a working relationship with Australian Wool Innovation as the voice of woolgrower shareholders. It aims to contribute to AWI’s programs for the benefit of growers, promoting responsible use of levy funds and ensuring good corporate governance.
WoolProducers is the sole wool industry member of Animal Health Australia, and as such, carries a significant responsibility for decision making on behalf of the industry in the event of an emergency animal disease outbreak.
As the only wool grower organisation with membership of the National Farmers’ Federation, WoolProducers is responsible for providing key policy advice on behalf of our members, and other wool growers, to Australia’s peak farm body.
WoolProducers also works closely with the Federal Government Departments on key issues such as animal health and welfare, biosecurity, pest management control, natural resource management, drought preparedness, emergency animal disease outbreak preparedness and industry development, including research, trade and logistics.