Tariff on premium Australian wines reduced

In the presence of India's Prime Minister, Narendra Modi and Australian Prime Minister, Scott Morrison, India and Australia signed a trade agreement today. 

According to the agreement, the tariff for premium wines from Australia will be reduced from 150 percent to 100 percent. This would then be reduced further to 50 percent over 10 years. 

Import duty for a more expensive level of premium wines from Australia, which are valued at least US$15 a bottle (not meaning the retail price), will be reduced from 150 percent  to just 75 percent. Over the course of 10 years these ultra premium wines would then attract a tariff of just 25 percent.

The India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) was inked by Commerce and Industry Minister, Piyush Goyal and Australian Minister for Trade, Tourism and Investment, Dan Tehan, in a virtual ceremony.

Under the deal, India removes tariffs on more than 85 percent of Australian goods' exports to India, worth A$12.6 billion, which will increase to almost 91 percent  of Australian goods over the next 10 years.