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Australian parliament passes Free Trade Agreement with India
Australia has approved the Free Trade Agreement with India, 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.
"Our Free Trade Agreement with India has passed through parliament," Australian Prime Minister Anthony Albanese tweeted. This comes just a few days after Albanese announced plans to visit India in March of next year. He made the announcement on the sidelines of the 17th G20 summit.
The Australia-India Economic Cooperation and Trade Agreement (ECTA) was signed on April 2.
The agreement, according to the Australian government, will secure Australia's position in the world's fastest growing economy and allow Australian businesses to unlock or expand their operations in a market of nearly 1.5 billion consumers.
Commerce and Industry Minister Piyush Goyal previously stated that the agreement would help increase bilateral trade from $27.5 billion to $45-50 billion over the next five years.
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