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 with the passage of implementing legislation through parliament, the government said in a statement.
The Australia-India Economic Cooperation and Trade Agreement (ECTA) is a great opportunity for Australian businesses as it 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 our already strong economic relationship with the UK and offer greater opportunities for our businesses to diversify their trade markets.
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.
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.”
“Today’s passage of legislation demonstrates Australia’s commitment to free trade and the rules-based trading system. It is an acknowledgement of the centrality of trade to our economic resilience and ongoing prosperity,” Mr Albanese said.
Minister for trade and tourism Senator Don Farrell said, “These agreements will support our businesses to grow, to offer more employment opportunities, and will give Australian consumers more choice at the checkout.”
“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,” Mr Farrell said.
