Australia clears bill on Free Trade Agreement (FTA) with India

Australian Prime Minister has announced the passing of Free Trade Agreement (FTA) that was signed in April this year. The agreement enables both the friendly nations to encompass cooperation and boost commercial and economic relations covering areas like textiles, leather, furniture, jewellery and machinery. It also ensures that Australia is not excluded from improved trade and market access as a result of India’s negotiations and agreements with other nations.

PM in a bilateral meeting with the Prime Minister of Australia, Mr. Anthony Albanese at G20 summit, in Bali, Indonesia on November 16, 2022.

On Tuesday 22nd November, Australian Prime Minister Anthony Albanese took to Twitter to share a breaking news on the passing of the bilateral Free Trade Agreement with India. He wrote – “Our Free Trade Agreement with India has passed through parliament”.

Once implemented, the agreement will provide India with zero fee access to approximately 96.4% of exports to Australian market starting day one including many products that currently attract 4-5% customs duty in Australia.

The agreement enables both the friendly nations to encompass cooperation and boost commercial and economic relations covering areas like textiles, leather, furniture, jewellery and machinery. It also ensures that Australia is not excluded from improved trade and market access as a result of India’s negotiations and agreements with other nations.

The bill was passed soon after the Prime Minister announced his visit to India in March 2023 by the side-lines of the 17th edition of the G20 summit.

Addressing a local news reporter last week, Albanese said – “I will visit India in March. We’ll take a business delegation to India. And that will be an important visit and an upgrade in the relationship that we have between our two nations,”.