India-Australia Trade Deal A Win For Alcohol Beverage Industry
According to Vinod Giri, Director General of the Confederation of Indian Alcoholic Beverage Companies, the Free Trade Agreement is advantageous for both India and Australia because it will allow premium Australian wines access to the Indian market and support the development of the Indian wine industry by allowing it to leverage the knowledge and resources of its Australian counterparts.
The Confederation of Indian Alcoholic Beverage Companies stated the adoption of the India-Australia Free Commercial Agreement by the Australian Parliament would strengthen bilateral trade ties.The Confederation of Indian Alcoholic Beverage Companies welcomed the ratification of the India-Australia FTA by the Australian Parliament and said this would take the trade ties between the two nations to newer heights.Quality Australian wines would undoubtedly gain from easier market access to India, and the Indian wine industry would benefit from technical collaboration and potential investment coming from Australia, according to Mr. Giri. He was happy to add that the industries on both sides are fully supportive of the FTA and that the two industries had already started working together through Australia Grape and Wine and CIABC before the FTA was ratified.
According to the Indian industry, Australian laws restrict the export of Indian liquor products, and the FTA envisions a time-bound resolution to those laws.
Mr Giri said, “Currently Australian law requires a whisky to be matured for at least two years to be classified as whisky in Australia. This is superfluous for us as whisky matures at a much faster rate in the warm Indian climate. We are glad to note that the Agreement envisages setting up a joint working group of the two nations to review this and are optimistic of an early resolution since that would truly open up the Australian market for Indian liquor.”
The first FTA with a developed country, according to CIABC, was significant and demonstrated the new India’s confidence in its ability to compete on a global scale.
It claimed that India was quickly becoming a top-tier booze producer. Amrut, Rampur, and other single malt whiskies can be found on the shelves of upscale retailers all over the world. According to CIABC, Indian handmade gins like Jaisalmer, Terai, Stranger, and Sons are gaining recognition on a global scale.
According to CIABC, this deal will help the nation’s winemakers and grape growers.
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