Trade deals with India and the UK pass parliament

Fecha de publicación: 23/11/2022
Fuente: Food Processing
Australian exporters, businesses, workers and consumers will soon be able to reap the opportunities and benefits of more open trade with India and the United Kingdom.

The Albanese government has expedited all the legislation processes necessary to ensure Australia is in a position to implement both free trade agreements before the end of 2022. The passage of legislation demonstrates the government’s commitment to free trade and the rules-based trading system.

Prime Minister Anthony Albanese said: “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.”

The Australia-India Economic Cooperation and Trade Agreement (ECTA) will open up new markets to reach around 1.4 billion consumers in the world’s fastest growing major economy.

The Australia-United Kingdom Free Trade Agreement (A-UKFTA) is the first full trade agreement the UK negotiated from scratch following Brexit. The A-UKFTA will deepen Australia’s already strong economic relationship with the UK and offer greater opportunities for businesses to diversify their trade markets.

“These agreements will support our businesses to grow, to offer more employment opportunities, and will give Australian consumers more choice at the checkout,” said Minister for Trade and Tourism, Senator the Hon Don Farrell. “We are ready to implement these deals and will continue working closely with the UK and Indian Governments to implement the trade agreements as soon as possible.”

The ECTA and A-UKFTA will enter into force 30 days (or another mutually agreed time) after the respective parties have confirmed in writing that they have completed their domestic requirements.

Image caption: iStock.com/sldesign78