The Australian Parliament has approved the Free Trade Agreement between India and Australia. Prime Minister Narendra Modi has thanked his Australian counterpart Anthony Albanese over passage of the pact. In his message yesterday, Mr Modi said the entry into force of the India Australia Economic Cooperation and Trade Agreement 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. Briefing media 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 businesses and people of both the countries. Mr Goyal further stated that the agreement opens up significant new opportunities across sectors for Indian businesses. 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.
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 FTA will offer big opportunities for exporters.The Confederation of Indian Industry also welcomed the ratification of India-Australia FTA. (AIR NEWS)