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Australia passes trade deal with India

The Australian Parliament today passed legislation to give effect to a trade deal with India that will open up greater opportunities for Indian and Australian exporters, businesses, workers and consumers.

Photo courtesy: Twitter/
Indian PM Narendra Modi (right) and Australia PM Anthony Albanese at the G2 Summit in Bali. Photo courtesy: Twitter/@G20_India

The Albanese government in Australia has worked hard to expeditiously advance all the processes necessary to ensure that Australia is in a position to implement the agreement with India along with a similar pact with the United Kingdom before the end of 2022.

The Australia-India Economic Cooperation and Trade Agreement (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.

Australian Prime Minister Anthony Albanese said, “New trade agreements with India and the UK 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 Australian families.”

He said, “Today’s passage of legislation demonstrates Australia’s commitment to free trade and the rules-based trading system. It is an acknowledgment of the centrality of trade to our economic resilience and ongoing prosperity.”

Australian High Commissioner to India Barry O’Farrell said, “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.

He said the passage of legislation in the Australian Parliament demonstrated Australia’s commitment to free trade and the rules-based trading system. ”It is an acknowledgment of the centrality of trade to our economic resilience and ongoing prosperity.”

Australia’s Minister for Trade and Tourism, Don Farrell, said: “closer economic ties with India are a critical component 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.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK, India and UAE. Connected to India covers developments around NRIs. Cover arts, political, sports, finance, entrepreneurship, business, movies, dramas, entertainment and other news for Indians living worldwide.

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