Treasury Laws (Announcement of Australia‑India Economic Cooperation and Trade Agreement Entry into Force) Instrument 2022
I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, make the following instrument.
Dated 22 December 2022
Stephen Jones
Assistant Treasurer
Minister for Financial Services
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Announcement of entry into force of the Agreement
5 Entry into force of the Agreement for the purposes of the Act
6 Entry into force of the Agreement for the purposes of the Regulations
Part 1—Preliminary
1 Name
This instrument is the Treasury Laws (Announcement of Australia-India Economic Cooperation and Trade Agreement Entry into Force) Instrument 2022.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the following:
(a) the Treasury Laws Amendment (Australia-India Economic Cooperation and Trade Agreement Implementation) Act 2022; and
(b) the Foreign Acquisitions and Takeovers Amendment (India Free Trade Agreement) Regulations 2022.
4 Definitions
In this instrument:
Agreement means the Australia-India Economic Cooperation and Trade Agreement, done at Melbourne and New Delhi on 2 April 2022.
Note: The text of the Agreement could in 2022 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
the Act means the Treasury Laws Amendment (Australia-India Economic Cooperation and Trade Agreement Implementation) Act 2022.
the Regulations means the Foreign Acquisitions and Takeovers Amendment (India Free Trade Agreement) Regulations 2022.
Part 2—Announcement of entry into force of the Agreement
5 Entry into force of the Agreement for the purposes of the Act
For the purposes of item 2 of the table in subsection 2(1) of the Act, the Agreement will enter into force on 29 December 2022.
Note: In accordance with Article 14.7 of the Agreement, the Agreement enters into force 30 days after an exchange of written notifications, certifying completion of the necessary domestic requirements, including internal legal procedures, of each Party or on such other date as the Parties may agree. The exchange of written notifications occurred on 29 November 2022.
6 Entry into force of the Agreement for the purposes of the Regulations
For the purposes of item 1 of the table in subsection 2(1) of the Regulations, the Agreement will enter into force on 29 December 2022.
Note: In accordance with Article 14.7 of the Agreement, the Agreement enters into force 30 days after an exchange of written notifications, certifying completion of the necessary domestic requirements, including internal legal procedures, of each Party or on such other date as the Parties may agree. The exchange of written notifications occurred on 29 November 2022.
Overview
The Treasury Laws (Announcement of Australia-India Economic Cooperation and Trade Agreement Entry into Force) Instrument 2022, made under the authority of the Treasury Laws Amendment (Australia-India Economic Cooperation and Trade Agreement Implementation) Act 2022, was introduced to formalise the date of entry into force of the Australia-India Economic Cooperation and Trade Agreement. This legislative instrument was enacted to ensure the timely implementation of the trade agreement between Australia and India, facilitating smoother economic cooperation and trade between the two nations. The instrument specifies that the Agreement will enter into force on 29 December 2022, following the completion of the necessary domestic requirements and the exchange of written notifications between the parties on 29 November 2022.
Scope and Application
The Treasury Laws (Announcement of Australia-India Economic Cooperation and Trade Agreement Entry into Force) Instrument 2022, made under the Treasury Laws Amendment (Australia-India Economic Cooperation and Trade Agreement Implementation) Act 2022 and the Foreign Acquisitions and Takeovers Amendment (India Free Trade Agreement) Regulations 2022, specifies the date on which the Australia-India Economic Cooperation and Trade Agreement will enter into force. This instrument is designed to align the commencement of the Agreement with the legal frameworks of Australia, ensuring that the trade and economic provisions of the Agreement can be effectively implemented and enforced. The Agreement is set to enter into force on 29 December 2022, thirty days after the exchange of written notifications on 29 November 2022, confirming the completion of necessary domestic requirements by both parties. This date of entry into force is crucial for the implementation of the Act and the Regulations, as it triggers the applicability of the trade provisions and any associated amendments to existing laws.
Key Provisions
The Treasury Laws (Announcement of Australia-India Economic Cooperation and Trade Agreement Entry into Force) Instrument 2022, made under the Treasury Laws Amendment (Australia-India Economic Cooperation and Trade Agreement Implementation) Act 2022 and the Foreign Acquisitions and Takeovers Amendment (India Free Trade Agreement) Regulations 2022, specifies that the Australia-India Economic Cooperation and Trade Agreement will enter into force on 29 December 2022. This date is significant as it marks the point at which the Agreement is legally binding for both Australia and India. This instrument clarifies the effective date of the Agreement for the purposes of both the Act and the Regulations, ensuring that all relevant legal frameworks are aligned.
The instrument imposes specific obligations on the parties governed by it, primarily ensuring that the Agreement's entry into force is accurately communicated and recognised. By setting the date of 29 December 2022 as the effective date, the instrument ensures that both Australian and Indian authorities, as well as businesses and individuals, are aware of the exact moment the Agreement becomes legally binding. This clarity is essential for compliance with the terms of the Agreement and for any related legal or regulatory actions.
Breaches of the provisions within this instrument, although not explicitly detailed in the text, could potentially lead to legal consequences under the broader Acts and Regulations under which it was made. The Treasury Laws Amendment (Australia-India Economic Cooperation and Trade Agreement Implementation) Act 2022 and the Foreign Acquisitions and Takeovers Amendment (India Free Trade Agreement) Regulations 2022 both provide frameworks for enforcement and penalties. Depending on the nature and severity of the breach, penalties could include fines, legal action, or other civil or criminal consequences as prescribed by the relevant legislation. The maximum penalties would be determined by the specific provisions of the overarching Acts and Regulations.