Announcement date
2 April 2022
Link to announcement
https://www.trademinister.gov.au/minister/dan-tehan/media-release/historic-trade-deal-india
Problem being addressed
Reduction of trade barriers with India present an opportunity for Australia to diversify its trading relationships, simplify trading processes and make the Australian economy more competitive.
Proposal
The Regulation Impact Statement analyses the costs and benefits of Australia signing an Economic Cooperation and Trade Agreement with India, and compares these to the status quo of no bilateral agreement.
Assessed RIS outcome
Adequate
Assessment comments
To be considered good practice, the RIS should have provided economic modelling to forecast the anticipated benefits and costs of the agreement, indicating the value of trade creation and the expected impact on Australia's macroeconomic indicators.
Regulatory burden
The Department of Foreign Affairs and Trade has estimated the regulatory burden on businesses to be $17.49M over 10 years (or an annual burden of $1.75M).