Industry welcomes India-Australia free trade pact
Soon after the Australian Parliament passed the landmark Australia-India Economic Cooperation and Trade Agreement, many Indian industry leaders hailed the deal saying this new agreement will offer new opportunities and also give a boost to various sectors.
Talking about the new agreement, the Federation of Indian Chambers of Commerce and Industry (FICCI) Director General Arun Chawla said: "We are confident that this agreement shall open doors to opportunities across diverse areas like mining and minerals, pharmaceuticals, healthcare, education, clean energy, transportation, gems and jewellery, tourism, and textiles, generating about a million jobs in India.
“There are also excellent prospects for collaboration between India and Australia in some critical areas like space and defence, critical minerals and related technologies, water resources, training and education, circular economy, and cyber technologies."
It came as Australia Prime Minister Anthony Albanese announced that the free trade agreement (FTA) with India had been cleared by the country's Parliament.
Associated Chambers of Commerce and Industry of India (Assocham), another trade body, said the India-Australia FTA will offer big opportunities for exporters. ASSOCHAM Secretary General Deepak Sood said: "Prime Minister Shri Narendra Modi's government is aggressively following policies, including the economic cooperation and trade agreements, commonly known as FTAs for ensuring greater market access for Indian businesses.
“This is quite a courageous glide path because we are embarking on trade-opening policies at a time when there is a clamour in some parts of the world to look inward. It is a reflection of the inherent strength of the Indian economy. For us 'Atma Nirbhar Bharat' is reaching out to the world.”
The Confederation of Indian Industry (CII) also welcomed the ratification of India-Australia FTA, confirming it provided inputs for the interim free trade deal, India-Australia Economic Cooperation and Trade Agreement (ECTA), signed earlier this year.