Home / News / India /  Trade deal with India to strengthen existing relationship: Australian PM

Australia's Prime Minister Anthony Albanese stated in a joint statement with Senator Don Farrell that the new trade agreements with India and the UK will strengthen the current trade and economic ties after it was announced that the Australia-India Economic Cooperation and Trade Agreement had been approved by both houses.

"These new agreements will create new opportunities for trade diversification and great outcomes for Australian business and Australian families," Albanese said.

"Today's passage of legislation demonstrates Australia's commitment to free trade and the rules-based trading system. It is an acknowledgement of the centrality of trade to our economic resilience and ongoing prosperity," the PM added.

Earlier today, the Australian PM announced that the country's Free Trade Agreement (FTA) with India has passed through its Parliament. "BREAKING: Our Free Trade Agreement with India has passed through parliament," Albanese tweeted.

It is important to note that the Economic Cooperation and Trade Agreement (ECTA) between Australia and India was signed on 2 April.

Don Farrell, Australia's Minister for Trade and Tourism, stated in the same press release that these agreements will help the company grow and create more job opportunities.

"These agreements will support our businesses to grow, to offer more employment opportunities, and will give Australian consumers more choice at the checkout," the trade minister said.

"We are ready to implement these deals and will continue working closely with the UK and Indian Governments to implement the trade agreements as soon as possible," he added.

High Commissioner of Australia to India Barry O'Farrell expressed his delight at the unanimous vote by the Australian Parliament. "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," the Australian High Commissioner to India said.

Barry O'Farrell also cited Don Farrell of Australia as saying that stronger economic ties with India are a crucial part of the Australian Government's trade diversification strategy.

"The quality of ECTA, in terms of market access and opportunity for Australian businesses, demonstrates India's commitment to our bilateral economic partnership," Barry O'Farrell added. 

(With inputs from ANI)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout