NEW DELHI: Australian parliament on Tuesday approved the crucial India-Australia free trade agreement (FTA), paving way for both countries to implement the trade pact on a mutually agreed date.
Australian Prime Minister, Anthony Albanese, announced this through a tweet. “Our free trade agreement with India has passed through the Parliament,’’ he tweeted.
Just a few days back PM Albanese, during the sidelines of the G20 Summit in Bali, had said that he would visit India in March 2023. Earlier in April this year, both India and Australia signed an interim Economic Cooperation and Trade Agreement (ECTA) and reaffirmed their commitment to conclude a Comprehensive Economic Cooperation Agreement (CECA) by the end of 2022. The bilateral trade between the two countries has increased from USD 13.6 billion in 2007 to USD 27.5 billion at present.
Meanwhile, Australian exporters, businesses, workers and consumers will soon be able to reap the benefits of more open trade with India with today’s passage of implementing legislation through the Parliament. The Albanese Government has worked hard to expeditiously advance all processes necessary, to ensure Australia is in a position to implement a free trade agreement before the end of 2022.
“New trade agreements with India will strengthen our existing trade and economic relationships. These new agreements will create new opportunities for trade diversification and great outcomes for Australian business and families,’’ said the Australian PM. “It is an acknowledgement of the centrality of trade to our economic resilience and ongoing prosperity,” he added.
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The ECTA is a great opportunity for Australian businesses as it will open up new markets to reach around 1.4 billion consumers in the world’s fastest-growing major economy. “I am thrilled to see implementing legislation for the Australia-India Economic Cooperation and Trade Agreement pass through both houses of Australia’s Parliament without dissent,’’ Australia’s High Commissioner to India, Barry O’Farrell said.
ECTA presents exciting opportunities for Australian and Indian businesses alike, paving the way for improved market access for businesses on both sides of the Indian Ocean. India-Australia is now looking forward to the second innings: negotiation of a full Comprehensive Economic Cooperation Agreement.
Defence, trade talks between India & UAE
External Affairs Minister, Dr S Jaishankar, held talks with his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan in Delhi on Tuesday. The two ministers discussed cooperation in the areas of energy, food security, trade and defence, besides exchanging views on various “regional hotspots”.
They had earlier met for the 14th Joint Commission meeting in September. Bilateral trade between India and UAE has shown appreciable growth under the Comprehensive Economic Partnership Agreement which came into force on May 1, 2022.