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AUSTRALIA: ACCI Welcomes Textiles Tariff Reductions

The Australian Chamber of Commerce and Industry (ACCI), Australia’s largest and most representative business organisation, has welcomed the import tariff reductions which commence.

Tariffs applying to passenger motor vehicles and parts components will be cut from 10% to 5%.
Overall tariffs applying to Textiles, clothing and footwear (TCF) goods will also be cut, with tariffs for clothing and finished textiles reduced from 17.5% to 10%, and tariffs for textiles and footwear reduced from 10% or 7.5% to 5%.

“These tariff cuts are good news for Australian businesses and consumers, and will help to stimulate domestic demand in the first part of 2010.”

“Lower tariffs mean lower input prices for Australian businesses and of course lower prices for consumers. Sensibly timed tariff reform also provides a more sustainable basis for industry and employment.”

“ACCI is a strong supporter of managed reductions in tariffs on manufactured goods as a driver for innovation, competition and productivity.”

These reductions are part of the scheduled wind down in tariff assistance provided to both industries and continue the structural adjustment process these industries have been undergoing since the mid-1980s.

The Bracks Review indicated that a reduction in Australia’s automotive tariffs from 10% to 5% could provide net benefits to the economy of around $0.5 billion a year.

Source: Agencies • News Courtesy: BharatTextile.com