Australia Approves Free Trade Deals with India and Britain
(22 November 2022 – Australia) Australia’s Parliament passed bilateral free trade agreements with India and Britain on Tuesday, leaving those partner nations to bring the deals into force.
The deal with New Delhi, signed in a virtual ceremony in April, removes tariffs on more than 85 percent of Australian goods and exports to India, worth A$12.6 billion (US$8.3 billion). The Indian deal only requires the ratification of the government's cabinet, and the trade minister is hopeful that can take place within a couple of weeks.
Australia's pact with London meanwhile, which hopes to open up sectors like agriculture and allow freer movement for service-sector professionals, was signed in December 2021. The UK's legislation is currently before a parliamentary committee, with no outlined reporting date.
“New trade agreements with India and the UK will strengthen our existing trade and economic relationships. These new agreements will create new opportunities for trade diversification and great outcomes for Australian business and Australian families” said Australian Prime Minister, Anthony Albanese.