The deal will see tariffs eliminated on more than 85 per cent of Australian goods exported to India, and some 96 per cent of Indian goods entering Australia will also be made duty-free. It will save Australian consumers and business around $500 million in tariffs on imports of finished goods, and inputs to our manufacturing sector, while Australian exporters will save around $2 billion a year in tariffs.

Entry into force of the agreement before the New Year delivers a double bonus of two tariff cuts in quick succession, one as the agreement comes into effect and a second on 1 January 2023.

The landmark agreement will be a catalyst for future growth across goods, services and investment and is the next step in elevating our relationship with the world’s fastest growing economy.