India and Australia Sign Trade Agreement for Duty-Free Coal Import

India and Australia Sign Trade Agreement for Duty-Free Coal Import

India and Australia have signed a trade agreement that allows India to import coal from Australia at a 0% customs duty, which means it will be cheaper for the Indian power sector to buy coal from Australia.

This is the first time Australia has offered any country preferential access. The agreement also allows 96% of India’s exports to Australia to be duty-free, making Indian goods cheaper in the Australian market.

In turn, 85% of Australia’s exports to India will enter the country duty-free, making them more affordable for Indian consumers.

The agreement is expected to double trade between the two countries and create around 100,000 jobs in India within the next five years.

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