Australian Economy

Australian parliament passes Free Trade Agreement with India


Australian parliament passes Free Trade Agreement with India

Photo : Twitter

New Delhi: Australia okayed the Free Trade Agreement with India on Tuesday, nearly two months after negotiators from both sides met for talks toward a full-fledged FTA. The bills easily passed the House of Representatives on Monday and the Senate made them law on Tuesday.
Australian PM Anthony Albanese tweeted, “Our Free Trade Agreement with India has passed through parliament.” This comes a few days after Albanese said that he will visit India in March next year. He announced this on the sidelines of the 17th edition of the G20 summit.

The Australia-India Economic Cooperation and Trade Agreement (ECTA) was signed on April 2.

According to the Australian government, the agreement will secure Australia’s foothold in the world’s fastest growing large economy and enable Australian businesses to unlock or expand their operations in a market of nearly one and a half billion consumers.

Commerce and Industry Minister Piyush Goyal had earlier stated that the agreement would help in taking bilateral trade from $27.5 billion at present to $45-50 billion in the next five years.

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