The India-Australia Free Trade Agreement by the Australian Parliament will lead to big gains for the alcohol beverage sector, industry body Confederation of Indian Alcoholic Beverage Companies (CIABC) said.
Vinod Giri, Director General of the CIABC said the development would open up the Indian market for Australian wines, and on the other hand, aid the Indian wine industry to evolve.
“Australian wines will benefit from easier market access to India and the Indian wine industry will gain from the technical collaboration and potential investment coming from Australia,” he said in a statement.
He said the two industries have begun collaboration through Australia Grape & Wine and CIABC.
The industry body added that the FTA envisages a time-bound resolution of the Australian laws which restrict exports of Indian liquor products to Australia.
CIABC said with India emerging as a producer of high quality liquor, single malt whiskies like Amrut and Rampur, as are craft gins such as Jaisalmer, Terai and Stranger & Sons, are gaining traction in overseas markets.
“This FTA provides the template which will help India turn from being the world’s buyer to become the world’s supplier for alcobev,” Girl said.
The India-Australia Economic Cooperation and Trade Agreement needed ratification by the Australian parliament before being implemented. Agreements such as these are approved by the Union Cabinet in India.