India, Australia to sign film treaty
- The Union Cabinet has approved the signing of an Audio Visual Co-production Treaty between India and Australia, which is aimed at facilitating joint production of films between the two countries.
Audio Visual Co-production Treaty
- Audio visual co-production treaties are enabling documents which facilitate co-production of films between both countries.
- Under such umbrella agreements, private, quasi-government or governmental agencies enter into contracts to produce films together.
- India has so far signed 15 audio visual co-production treaties with other countries.
- According to the co-production treaty, the respective contributions of the producers of the two countries may vary from 20% to 80% of the final total cost of the jointly produced work.
Need for such treaty
- Australia has emerged as a preferred destination for shooting of Indian films.
- India is fast emerging as a major content hub for film-makers looking for new projects.
- India has abundance of exotic locations, talent pool and relatively cheaper cost of production, making India a favoured destination of foreign film-makers.
Significance of the treaty
- The proposed agreement will boost ties with Australia, lead to exchange of art and culture, showcase the soft power of our country.
- This will generate employment among artistic, technical as well as non-technical personnel engaged in audio visual co-production, including production and post-production work.
- The use of Indian locations would increase the prospects of the country becoming a preferred film-shooting destination and also lead to inflow of foreign exchange.