MELBOURNE, 22 November 2022: The free trade agreement (FTA) between Australia and India has been passed by the Australian Parliament, Prime Minister Antony Albanese today Tweeted. ” Our Free Trade Agreement with India has passed through parliament,” he said.
With this approval, India-Australia Economic Cooperation and Trade Agreement (AI-ECTA), will become operational on a mutually agreed date, reports India’s Economic Times.
Commerce and Industry Minister tweeted, ” 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.”
” Australia and India launched negotiations for a Comprehensive Economic Cooperation Agreement in May 2011. There were nine rounds of negotiations before both countries decided to suspend negotiations in 2016, pending the outcome of other multilateral regional negotiations.
In September 2021, Australia and India formally re-launched CECA negotiations with the intention of concluding an Economic Cooperation and Trade Agreement (AI-ECTA) to swiftly liberalise and deepen bilateral trade in goods and services, and to then use this foundation to resume negotiations on the more ambitious CECA, ” says the DFAT site.
In an opinion article (SMH, 25 Nov 2022), Lisa Singh, CEO of Australia India Institute says, ” But the ratification of the deal through the Australian Parliament is far from a job finished. It is just the beginning. The hurdle of negotiating a Comprehensive Economic Co-operation Agreement remains for our trade negotiators.
Yet it shows both countries are now serious about reaching their economic potential. That can only be built upon as India takes over the presidency of the G20 next year.”
Australia-India ECTA benefits for Australia (overview)
This is a developing story and will be updated as and when required.
