Australian Prime Minister Scott Morrison said that the signing of the India-Australia trade agreement will further deepen economic relations between Canberra and Delhi while opening a big door into the world’s fastest-growing major economy.
Speaking at India-Australia Economic Cooperation and Trade Agreement virtual signing ceremony on Saturday, the Australian PM said that this deal is the single largest government investment in Canberra’s relationship with Delhi.
“This agreement opens a big door into the world’s fastest-growing major economy for Australian farmers, manufacturers, producers and so many more,” he said.
India and Australia signed a massive historic trade deal aiming to boost economic ties between the two countries.
“The pace and scale of our cooperation since we announced our comprehensive, strategic partnership has been remarkable. Some US$ 282 million in new initiatives that my Government has announced, including at the Summit, will drive our expanding cooperation,” Morrison said during the virtual event.
“This is the single largest Australian government investment in our relationship with India, but it won’t be the last and now marks another milestone in that relationship. The signing of the India Australia agreement further develops on the promise of our economic relationship,” he added.
The Australian Prime Minister further said: “By unlocking the huge market of around 1.4 billion consumers in India, we are strengthening the economy and growing jobs right here at home.”
“This agreement has been built on our strong security partnership and our joint efforts in the Quad, which has created the opportunity for our economic relationship to advance to a new level,” he added.
The deal with India removes tariffs on more than 85 per cent of Australian goods exported to India, worth USD 12.6 billion, rising to almost 91 per cent over 10 years.
Tariffs will be scrapped on sheep meat, wool, copper, coal, alumina, fresh Australian rock lobster, and some critical minerals and non-ferrous metals to India.
It will also see 96 per cent of Indian goods’ imports enter Australia duty-free.