Australia on Tuesday cleared the free trade agreement (FTA) with India as its Parliament has approved the pact.
Taking to Twitter, Australian Prime Minister Anthony Albanese said: “BREAKING: Our Free Trade Agreement with India has passed through Parliament.”
BREAKING: Our Free Trade Agreement with India has passed through parliament. ( with @narendramodi at the G20) pic.twitter.com/e8iG3gpTgr
— Anthony Albanese (@AlboMP) November 22, 2022
The pact is likely to be implemented on a mutually agreeable date.
According to Australian law, the India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) needs ratification by that country’s parliament before its implementation.
The pact will enable duty-free access for Australian products in India in sectors like textiles, leather goods, jewellery, etc.
Union Commerce and Textiles Minister Piyush Goyal reacted to the development by tweeting: “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 and spur massive economic growth.”
Australia on its part would offer zero duty access to Indian products, which currently attract customs duty to the tune of 4 to 5 per cent in that country.