“The government
is reluctant to commit anything involving the agriculture sector. General
elections are also around the corner,†said an official, adding that several
countries are seeking commitments in the agri sector such as the UK and the EU.
India’s exports to
Australia rose 14% in April-November FY23 while imports fell 19% on-year, the
government said Friday.
The India-Australia Economic Cooperation and Trade
Agreement (ECTA) came into effect on December 29, 2022. The two sides signed an interim trade deal last year in December
when India eliminated duties on avocados, certain peas and beans, onions,
leeks, asparagus and cherries, among others. However, Australia is seeking more
access to the Indian agricultural market and is pushing for a deeper access in
the wine segment.
India’s trade deficit with Australia shrank 39% in the
first eight months of the fiscal year at $5.27 billion from $8 billion in
April-November 2022.
“Our exports have been growing in the preferential
lines and that growth is better than the average, which means we are gaining
market share in those areas,†said an official.