TradeLane

If it feels like the Australia-India Comprehensive Economic Cooperation Agreement (AI CECA) has been a long time coming, it’s only because it has…

Negotiations commenced in May of 2011 and suspended in 2015 while both countries pursued multilateral agreements before recommencing in June of 2020. On the 2^nd of April 2022, however, an interim Australia-India Economic Cooperation and Trade Agreement (AI ECTA) was signed, effectively fast-tracking some of the key economic benefits whilst the larger AI CECA continues to be negotiated.

**Update: CBP has notified the trade that HTS 9903.88.67 will be activated in ACE on April 12^th. Entries filed between April 12^th, 2022, and December 31^st, 2022, may claim the exclusion at time of importation using this HTS. Importers who paid Section 301 duty on entered merchandise that is now subject to an exclusion between October 12^th, 2021 and April 11^th, 2022 may recover previously paid duty via a Post Summary Correction (PSC). Tradewin may help with exclusion determinations and helping you build a post entry strategy.**

On March 24^th, 2022, the United States Trade Representative (USTR) issued an announcement reinstating certain product exclusions previously granted and expired for items subject to 301 duties. There are 352 product types that have been reinstated as part of this list, covering a broad range of commodities.

Australia's Prime Minister, Scott Morrison, announced that the Australian Government would enact further economic measures against both the Russian Federation and the Republic of Belarus.

“As of March 9^th, 2022, this license does not authorize export or re-export of controlled items to parties located in the Russia Federation. For additional information, please see suspension letter dated March 2^nd, 2022”

India is aggressively working with various countries and economic unions on Free Trade Agreements (FTA). Notwithstanding the benefits, compliance around the utilization has to be robust. We encourage traders to optimize the utilization of FTAs to reduce the duty impact while maintaining proper compliance requirements. If you have any queries on how the latest FTA may impact or benefit your organization, please reach out to our trade compliance consultant professionals at Tradewin India.