Australia and India have enjoyed a strengthened relationship with one another over the last few years. The two countries recently signed an FTA (Free Trade Agreement). The agreement came into force in the final week of the previous year, December 29, 2022. According to the High Commissioner of Australia to India, Barry O’Farrell, the signing of the FTA was a groundbreaking moment.
The high commissioner believes this FTA will help connect the two countries better through their economies. O’Farrell believes that the Free Trade Agreement will further cement the route for the Comprehensive Economic Cooperation Agreement (CECA). The governments will finalize the Economic Co-operation Agreement by September 2023. Barry O’Farrell believes that India and Australia have complementary economies.
According to him, the Free Trade Agreement will benefit the economy of India. However, the Comprehensive Economic Cooperation Agreement (CECA) will go beyond the scope of the FTA. The cooperation agreement will remove tariffs and allow greater access to sectors the countries have not ventured into thus far.
As a result, trade between India and Australia will double over the next five years. Currently, the trade value between the two countries amounts to $23 Billion.
Further, the Ambassador of Australia revealed that India has already asked Australia for assistance in their human-crewed mission. High Commissioner Barry O’Farrell believes that Australia can assist India in a better way if the latter announces the commercialization of its space industry.
On the educational front, the Australian Envoy noted that Indian students, particularly the students of STEM subjects, will get access to work visas. These visas will allow the students to work in the country for longer. Further, the Australian Ambassador believes that the two countries enjoy great cooperation in terms of Defence. The forces from both nations (3 services) participated in at least one or more joint exercises.
Further, Australia’s High Commissioner to India, Barry O’Farrell, praised India’s role in the quad. At the same time, he addressed India as a national leader in the Quad region.
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