Australian Prime Minister Anthony Albanese announced the passing of this historic agreement through the Australian parliament on Twitter.
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 agreement has been a long time in the making. Australia and India launched negotiations for a Comprehensive Economic Cooperation Agreement in May 2011. The countries held nine rounds of negotiations before deciding to suspend negotiations in 2016, awaiting the outcome of other multilateral regional negotiations.
In September 2021, Australia and India formally re-launched CECA negotiations with the intention of concluding an Economic Cooperation and Trade Agreement (AI-ECTA) to swiftly liberalise and deepen bilateral trade in goods and services, and to then use this foundation to resume negotiations on the more ambitious CECA.
Prime Minister Modi responded to Albanese in a Quote Tweet:
Thank you PM @AlboMP! The entry into force of IndAus ECTA will be greatly welcomed by our business communities, and will further strengthen the India-Australia Comprehensive Strategic Partnership.
— Narendra Modi (@narendramodi) November 22, 2022
India's Minister of Commerce & Industry, Piyush Goyal tweeted:
Trading With Trust 🇮🇳 🤝🇦🇺
— Piyush Goyal (@PiyushGoyal) November 22, 2022
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 & spur massive economic growth.
India Market Snapshot
- GDP:
- US$2.59 trillion (2020)
- GDP per capita:
- US$1,877 (2020)
- GDP growth:
- 9 per cent (2021)
*IMF estimate - Population:
- 1.37 billion (2019)
- Trade with Australia:
- $24.3 billion (2020)
Source: Australia Department of Foreign Affairs & Trade
Photo: Albanese and Modi at G20 Summit; Credit: Anthony Albanese
