We have been notified by the Minister for Trade and Tourism Senator, the Hon Don Farrell, that the passage of legislation through the Parliament enabling free trade agreements with India and the United Kingdom, has been completed. Two of the proposed free trade agreements (FTAs) have been ratified by the Australian Government and will come into effect on 1 January 2023, specifically the Australia–United Kingdom Free Trade Agreement (AUKFTA) and the Australia-India Economic Cooperation and Trade Agreement (AIECTA). The AIECTA is the precursor to a more comprehensive FTA with India, namely the Australia–India Comprehensive Economic Cooperation Agreement (AICECA).
With potential commencement date so close, service providers have significant work to ensure that they are aware of the terms of the AUKFTA and the AIECTA. These terms include the rules of origin before goods are entitled to preferential rates of duty under those FTAs, as well as other important requirements, such as documentary requirements to claim preference and the restrictions on how goods can be shipped to maintain their preferential status.
Our role here at EES is to take care of these issues for you, please reach out to our Customs Brokers Bill Ellis and Damian Sabinasz to ask any questions or find out how these FTA’s can assist you.
