Clare O'Neil (Hotham, Australian Labor Party, Minister for Home Affairs) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The Customs Tariff Amendment (India-Australia Economic Cooperation and Trade Agreement Implementation) Bill 2022 will amend the Customs Tariff Act 1995 to implement the India-Australia Economic Cooperation and Trade Agreement, known as IA-ECTA.

The amendments contained in this bill will insert a new schedule of preferential rates of customs duty for goods that are Indian originating. Schedule 10A will be comprised of tariff subheadings for goods that have a rate of customs duty other than 'Free' at entry into force of the IA-ECTA. The goods classified to these subheadings will include tobacco, alcohol and fuel products, which will have an excise-equivalent rate of customs duty, and certain goods containing iron, steel and aluminium, which will be phased to 'Free' over approximately five years.

The bill will also amend concessional items in schedule 4 of the Customs Tariff Act 1995 to extend concessional treatment to goods that are Indian originating.

The amendments contained in this bill complement the amendments contained in the Customs Amendment (India-Australia Economic Cooperation and Trade Agreement Implementation) Bill 2022.

I commend this bill to the House.

Debate adjourned.