Australian Prime Minister Anthony Albanese with Prime Minister Narendra Modi in Bali during the recently concluded G20 summit earlier this month.
Australian Prime Minister Anthony Albanese said that the new trade agreements with India and Britain will strengthen the existing trade and economic ties.
Australian Prime Minister Anthony Albanese said in a joint statement with Senator Don Farrell that the new trade agreements with India and the UK will build on existing trade agreements after the Australia-India Economic Cooperation and Trade Agreement was approved. and strengthen economic ties. both houses.
“These new agreements will create new opportunities for business diversification and deliver great results for Australian businesses and Australian families,” Albanese said.
"Today's passage of legislation demonstrates Australia's commitment to free trade and a rules-based trading system. It is an acknowledgment of the centrality of trade to our economic resilience and continued prosperity," the Prime Minister said.
Earlier today, the Australian PM announced that the country's Free Trade Agreement (FTA) with India has been passed by its Parliament. "BREAKING: Our Free Trade Agreement with India has been passed by Parliament," Albanese tweeted.
BREAKING: Our Free Trade Agreement with India has been passed by the Parliament.
— Anthony Albanese (@AlboMP) November 22, 2022
Significantly, the Economic Cooperation and Trade Agreement (ECTA) between Australia and India was signed on 2 April.
Australia's Minister for Trade and Tourism Don Farrell said in the same press release that these agreements would help the company grow and create more jobs.
"These agreements will help our businesses grow, provide more job opportunities and give Australian consumers more choice at the checkout," the trade minister said.
"We look forward to implementing these deals and will continue to work closely with the UK and Indian governments to bring the trade agreements into force as soon as possible," he added.
Australia's High Commissioner to India Barry O'Farrell expressed happiness over the unanimous vote by the Australian Parliament. Australia's High Commissioner to India said, "I am thrilled to see the Australia-India Economic Cooperation and Trade Agreement legislation pass through both houses of the Australian Parliament without any dissent."
Barry O'Farrell also quoted Australia's Don Farrell as saying that strong economic ties with India are an important part of the Australian government's trade diversification strategy.
"The quality of the ECTA, in terms of market access and opportunity for Australian businesses, demonstrates India's commitment to our bilateral economic partnership," Barry O'Farrell said.
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