Indian Union (National) Cabinet chaired by Prime Minister Narendra Modi has approved the Memorandum of Understanding on Cooperation in Sports between the Ministry of Youth Affairs and Sports and the Department of Health and Aged Care of the Government of Australia.
What does it mean?
The bilateral exchange programmes in the field of sports between the two countries will help in expanding knowledge and expertise in the area of sports sciences, athlete and coach training and development, sports governance and integrity, and grassroots participation in sports.
The arrangement is aimed at providing reciprocal benefits to accredited and trusted exporters of both the signatories in the clearance of goods by the Customs authorities of the importing country.
Mutual recognition of Authorized Economic Operators is a key element of the World Customs Organisation’s SAFE Framework of Standards to secure and facilitate global trade to strengthen end-to-end security of supply chains while providing higher facilitation to trade at the global level.
The benefits arising from bilateral cooperation in the field of sports with Australia will be equally applicable to all sportspersons irrespective of their caste, creed, region, religion, and gender.
This arrangement shall benefit Indian and Australian exporters and thereby promote a trade relationship between the two countries.
Mutual Recognition of the Australian Trusted Trader Program in Australia and the Authorized Economic Operator Program in India shall enter into force from the date of signing by the authorized representatives of both countries.
During 2021-22, the USA, the UK, Australia, Canada, Germany, and the Netherlands were among the top importers of Indian sporting goods.
The Australia-India Economic Cooperation and Trade Agreement (ECTA) places Australian goods exporters in a prime position to capitalise on India’s enormous and growing market.
ECTA offers access to the large Indian market of nearly one and a half billion people.
Australia exported $19.3 billion worth of goods to India in 2021, representing 4.2 per cent of Australia’s total exports.
Sports goods exported to Australia from India have recorded significant growth of 32% to reach US$ 32.8 million, in 2021-22.
ECTA will eliminate tariffs on over 90 per cent of Australia’s goods exports to India by value, with tariffs on over 85 per cent of our exports eliminated on 29 December 2022, worth almost $12.6 billion of Australia’s dutiable exports to India over the period 2018-2019, and phased elimination of tariffs over 2, 4 or 6 years for an additional 5 per cent of our exports.
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