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Australia and India have signed a major interim free-trade deal hailed as a significant step in diversifying export markets and reducing Australia's economic dependence on China.
Prime Minister Scott Morrison touted the deal as "one of the biggest economic doors" available to open.
"We are opening the biggest door of one of the biggest economies in the world in India," Mr Morrison said ahead of the signing.
The interim Australia-India Economic Cooperation and Trade Agreement was signed in a virtual ceremony by Trade Minister Dan Tehan and his Indian counterpart Piyush Goyal, and witnessed by prime ministers Scott Morrison and Narendra Modi.
"We are very confident that this deal will see our two-way trade, the trade between our nations, double in the coming years," Mr Tehan said at the virtual event.
"This will create a new dawn for our nations."
Mr Goyal celebrated the agreement, saying it was a "natural" partnership.
"India and Australia are natural partners. Like two brothers, both nations supported each other during the COVID-19 pandemic. Our relationship rests on the pillars of trust and reliability," Mr Goyal said.
The trade deal cuts tariffs on a range of Australian exports to India, including coal, lentils, sheepmeat and wool, lobsters and rare earths.
It also includes a phased reduction of tariffs on wine and a host of other agricultural products including avocados, cherries, nuts, blueberries, almonds, oranges, mandarins, pears and strawberries.
"The Indian economy is worth billions and billions and billions all around the world, and there are many countries who want to do more business with India, but it's actually Australia that has been able to secure that in the agreement that we've been able to reach," Mr Morrison said.
The "early harvest" agreement between Australia and India is a comprehensive agreement close to a full free-trade agreement
Missing from the deal are some major exports, such as dairy and chickpeas.
Trade Minister Dan Tehan said future negotiations would look to expand the deal further.
"We have been successful when it comes to lentils in getting a quota, but when it comes to chickpeas and dairy they will have to wait for a final deal, these are obviously very sensitive when it comes to India," Mr Tehan said.
Mr Morrison said he looked forward to future expansions of the deal.
"These are never all or nothing deals as far as we're concerned; we see all of these as the next step and the next step and the next step," he said.
"It sets out the road map to further and further economic cooperation into the future."
Australia and India began talks on the trade deal back in 2011, but discussions became bogged down and were suspended in 2015.
Prime ministers Morrison and Modi agreed to "re-engage" on the deal when Australia and India upgraded their relationship to a Comprehensive Strategic Partnership in the middle of last year.
The Morrison government has hailed the agreement as a significant step in its efforts to diversify export markets and reduce Australia's economic dependence on China.
"This is an economic agreement that has strategic might to it," Mr Tehan said.
https://www.abc.net.au/news/2022-04-02/india-australia-trade-deal-signed/100961618
Prime Minister Scott Morrison touted the deal as "one of the biggest economic doors" available to open.
"We are opening the biggest door of one of the biggest economies in the world in India," Mr Morrison said ahead of the signing.
The interim Australia-India Economic Cooperation and Trade Agreement was signed in a virtual ceremony by Trade Minister Dan Tehan and his Indian counterpart Piyush Goyal, and witnessed by prime ministers Scott Morrison and Narendra Modi.
"We are very confident that this deal will see our two-way trade, the trade between our nations, double in the coming years," Mr Tehan said at the virtual event.
"This will create a new dawn for our nations."
Mr Goyal celebrated the agreement, saying it was a "natural" partnership.
"India and Australia are natural partners. Like two brothers, both nations supported each other during the COVID-19 pandemic. Our relationship rests on the pillars of trust and reliability," Mr Goyal said.
The trade deal cuts tariffs on a range of Australian exports to India, including coal, lentils, sheepmeat and wool, lobsters and rare earths.
It also includes a phased reduction of tariffs on wine and a host of other agricultural products including avocados, cherries, nuts, blueberries, almonds, oranges, mandarins, pears and strawberries.
"The Indian economy is worth billions and billions and billions all around the world, and there are many countries who want to do more business with India, but it's actually Australia that has been able to secure that in the agreement that we've been able to reach," Mr Morrison said.
The "early harvest" agreement between Australia and India is a comprehensive agreement close to a full free-trade agreement
Missing from the deal are some major exports, such as dairy and chickpeas.
Trade Minister Dan Tehan said future negotiations would look to expand the deal further.
"We have been successful when it comes to lentils in getting a quota, but when it comes to chickpeas and dairy they will have to wait for a final deal, these are obviously very sensitive when it comes to India," Mr Tehan said.
Mr Morrison said he looked forward to future expansions of the deal.
"These are never all or nothing deals as far as we're concerned; we see all of these as the next step and the next step and the next step," he said.
"It sets out the road map to further and further economic cooperation into the future."
Australia and India began talks on the trade deal back in 2011, but discussions became bogged down and were suspended in 2015.
Prime ministers Morrison and Modi agreed to "re-engage" on the deal when Australia and India upgraded their relationship to a Comprehensive Strategic Partnership in the middle of last year.
The Morrison government has hailed the agreement as a significant step in its efforts to diversify export markets and reduce Australia's economic dependence on China.
"This is an economic agreement that has strategic might to it," Mr Tehan said.
https://www.abc.net.au/news/2022-04-02/india-australia-trade-deal-signed/100961618
