After the Australian Parliament passed a bilateral free trade agreement (FTA) with India on Tuesday, Vice-chairman of NITI Aayog Suman Bery on Wednesday hailed the agreement between the two countries.
According to a tweet by news agency ANI, Bery on the India Australia Trade deal said, “A great deal has been achieved between India and Australia both in the terms of goods and access to services for students. Negotiations were done some time ago though we were waiting for its ratification.”
Prime Minister Narendra Modi on Tuesday also conveyed his gratitude to the Australian PM Anthony Albanese after the deal was passed in the Australian Parliament. The Bills were easily passed by the Australian House of Representatives on Monday and the Senate made them law on Tuesday.
On Tuesday, Union commerce and industry minister Piyush Goyal in a congratulatory note said that FTA is a landmark moment for Australia and India. “It is a landmark moment for Australia and India. I would like to congratulate the PMs of India and Australia for achieving this significant milestone today. These are two democracies with shared interests on the world stage,” he said.
“This is the first time in Australian history that they're giving duty-free import on 100 per cent of items. This is also the first trade agreement with a developed country after a decade,” the minister said.
The agreement is critical for Australia to diversify its exports away from the troubled Chinese market and toward India.
Goyal said that IT sector is the biggest gainer from the FTA. “IT industry has shared that if the tax goes away, which has now been approved by the Australian parliament, they can see a quantum jump in their business with Australia," Goyal said, while adding, “We're looking for opportunities to see how Indian businesses can get a bigger market share in Australia. Raw materials coming cheaper to India will help our industry. This will help us add jobs, work opportunities and start-ups.”