Australian parliament approves FTA with India; agreement to be implemented on mutually agreed date

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New Delhi: Australian parliament on Tuesday approved the free trade agreement (FTA). India and Australia would now implement the agreement on a mutually agreed date. Notably, the India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) needed ratification by the Australian parliament.The two countries signed the agreement in April this year. Australian Prime Minister Anthony Albanese said that the new trade agreements with India would strengthen existing trade and economic relationships between the two countries. “These new agreements will create new opportunities for trade diversification and great outcomes for Australian business and Australian families,” Albanese said.

New trade agreements with India will strengthen our existing trade and economic relationships. These new agreements… t.co/aTelh6UFr2

— ANI (@ANI) Nov 22, 2022Union Minister for Commerce and industry, Piyush Goyal, expressed happiness over the agreement with Australia. Goyal, in a tweet, said, “Delighted that India-Australia Economic Cooperation & Trade Agreement has been passed by Australian Parliament. A result of our deep friendship, it sets the stage for us to unleash the full potential of our trade ties & spur massive economic growth.”

As per the Union Minister, the IT sector is the biggest gainer. He stated, ” IT industry has shared with our industry that if this tax goes away, which has now been approved by the Australian parliament, they can see a quantum jump in their business with Australia.”

The IT sector is the biggest gainer. IT industry has shared with our industry that if this tax goes away, which has… t.co/7bf7J8j50z

— ANI (@ANI) Nov 22, 2022

Both major agreements by PM Modi whether a comprehensive economic partnership with UAE or the indaus-ecta agreement… t.co/GE1cEaobIa

— ANI (@ANI) Nov 22, 2022

Notably, the FTA will provide duty-free access for over 6,000 broad sectors of India to the Australian market. These include furniture, textiles, machinery, leather, the wine industry and jewellery.

We’re looking for opportunities to see how Indian businesses can get a bigger market share in Australia. Raw materi… t.co/7Zl3vgQ6Bc

— ANI (@ANI) Nov 22, 2022

Goyal stated, “It reflects the strong bond PM Narendra Modi has built with the Government in Australia. It is a big recognition of India’s growing stature & capabilities that India’s businesses provide to the world both in goods and services.”

Australian High Commissioner to India Barry O’Farrell also expressed happiness over the approval of the FTA 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,” O’Farrell said.

Notably, goods worth USD 8.3 billion were exported by India to Australia in 2021-22. Meanwhile, India imports goods worth USD 16.75 billion from Australia.





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