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Australian Parliament approves India - Australia Trade deal

Australian parliament has approved free trade agreement with India. The Prime Minister of India, Shri Narendra Modi has thanked Australian PM, Anthony Albanese after the Australian Parliament approves free trade agreement with India. He said that it will strengthen comprehensive strategic partnership.

India Australia Free Trade Agreement PM Narendra Modi and Anthony Albanese hanuman studies
File Pic Image Source: News On Air

According to report published on news on air, Australia Economic Cooperation and Trade Agreement (ECTA) will be greatly welcomed by Indian and Australian business communities. He said it will further strengthen the India - Australia Comprehensive Strategic Partnership. 

Commerce and Industry Minister Piyush Goyal termed the passage of implementing legislation of the Australia - India Economic Cooperation and Trade Agreement as a significant moment for India - Australia bilateral ties. In a Press Conference in New Delhi, Mr Goyal said the move is a big recognition of India's growing global stature. He said Indian IT industry, students and many labour intensive sectors will soon reap the benefits of this landmark deal. He complimented Prime Minister Narendra Modi for the relations he has maintained bilaterally with both the political formulations of Australia. He said Prime Minister's direction to the negotiators was that the agreement has to be good for business and people of both the countries. Mr. Goyal further stated that the agreement opens up significant new opportunities across sectors for Indian Business. He added that India's Textiles and Gem and Jewellery sectors have been keenly waiting for the agreement to be able to sell to high income earners in Australia.

Also Read: Is India Becoming Super-power

The Federation of Indian Chambers of Commerce and Industry said that the agreement shall open doors to opportunities across diverse areas like mining and minerals, pharmaceuticals, healthcare, education, clean energy, transportation, gems and Jewellery, tourism and textiles, generating about a million jobs in India. Associated Chambers of Commerce and Industry of India said the India - Australia (Free Trade Agreement) FTA will offer big opportunites for exporters. The Confederation of Indian Industry also welcomed the ratification of India - Australia FTA.

In response to a tweet by Australian PM,. Anthony Albanese, the Prime Minister tweeted; "Thank you PM@AlboMP! The entry into force of IndAus ECTA will be greatly welcomed by our business communities, and will further strengthen the India - Australia Comprehensive Strategic Partnership."


Highlights of the Free Trade Agreement

  • It will strengthen the India - Australia Comprehensive Strategic Partnership.
  • It will open doors to opportunities across diverse areas like mining and minerals, pharmaceuticals, healthcare, education, clean energy, transportation, gems and jewellery, tourism and textiles.
  • It will also benefit the exporters of both the countries by creating big opportunities.

Short-forms used

  • ECTA: Economic Cooperation and Trade Agreement 
  • FTA: Free Trade Agreement
Report taken from genuine source, no fake news sharing portal: News On Air and PIB

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