Trade pact unlocked enormous potential, says Australian PM

MUMBAI

Visiting Australian Prime Minister Anthony Albanese in Mumbai on Thursday said the India-Australia Economic Cooperation & Trade Agreement, which recently came into force, has unlocked enormous potential in the relationship between the two countries. 

“It gives Australian businesses far greater access to the mighty Indian economy, a market of some 1.4 billion people and one of the world’s fastest growing economies in the world and the fastest growing major economy in the world,” Mr. Albanese told a small gathering of people from India and Australia at the Taj Mahal Hotel, Colaba. 

“More than 85% of Australian goods exported by value to India are tariff free and 96% of import from India to Australia is tariff free as well. Australian fresh lobster and lamb used to be subjected to a 30% tariff. Now it is zero,” he said. 

“Tariffs on other products like avocado, citrus and seafood are on a pathway to zero and I look forward to the bustling restaurants of Mumbai and Delhi right throughout India, showcasing these great Australian products with a glass of premium Australian wine alongside,” he further said.