Australia wine benefits from India free-trade deal

The Australian wine industry has received some much-needed good news on the export front with the signing of the Australia-India Economic Cooperation and Trade Agreement (AIECTA). The common customs tariff on wine imported to India has been 150 percent, making it a challenging market for imported wine. Under the free-trade arrangements, tariffs on Australian wine with a cost, insurance and freight (CIF) value of over US$5 per 750ml bottle will decrease to 100 percent. There will be a further phased reduction of five percent per year for 10 years down to 50 percent. Tariffs on Australian wine with a CIF value of over US$15 per 750ml bottle will decrease to 75 percent, with a further phased reduction of five percent per year for 10 years down to 25 percent. Australia is the first major wine producing country to negotiate a free-trade deal with India. The move will help to ease some of the pain for the Australian wine industry after China introduced crippling tariffs. Wine Australia ...