Indian market for Aussie wool
India is expected to become Australia’s third largest wool market after China and Italy following steps in India to reduce tariffs.
The Indian Government has announced significant reductions in wool import duties, which saw the base rate on wool top and wool yarn cut by 15 per cent and 20 per cent respectively. These reductions open these wool products to the domestic domestic Indian market for the first time.
Following recent talks with Australia's Agriculture, Fisheries and Forestry department (AFFA) India’s import barriers to wool export countries such as Australia are expected to drop further.
"The continued reduction in tariffs will make India a key developing market for the Australian wool industry," said David Navin, AFFA’s Director, International Wool Section.
"The Department has kept a keen eye on Indian developments. Our activities have resulted in gaining support of the Indian industry for reductions in import barriers and a greater understanding of the issues they face.
"Further duty reductions remain a high priority as Indian duties on wool remain well above world standards," he said.
David Navin, Industries Development Group (00612) 6272 568