Quintis CEO, Richard Henfrey, recently returned from India where he was an invited member of a business delegation from Australia. The delegation was led by Australian Prime Minister, Anthony Albanese, and included Trade and Resources Ministers, as well as senior business leaders including BHP Australia president Geraldine Slattery, Fortescue Metals executive chairman Andrew Forrest and Rio Tinto Australia chief executive Kellie Parker.
With a strong commitment from governments and businesses on both sides to improve trade relations and increase trade between the two nations, the stronger strategic relationship is tipped to lead to more investment in Australian resources.
In January 2023, the tariff for importing Indian sandalwood chips and powder from Australia to India was reduced from 15% to 10.7%. This was part of the interim free trade agreement (called the Australia-India Comprehensive Economic Cooperation Agreement) between Australia and India, agreed to in 2022. Under this agreement, tariffs on sandalwood chips and powder will eventually be reduced to 0% over seven years. The next evolution of the agreement is to reduce the tariffs on oil as well as allow logs to be imported. More than 85% of Australian goods exports to India are now tariff-free, rising to 90% over the next six years. And 96% of imports from India are now tariff-free — a figure that will reach 100% in four years.
As the world's leading supplier of sustainable sandalwood raw materials, we welcome these changes which will bring increased trade and employment opportunities for both Australia and India.