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Anthony Albanese reveals plans for this ‘transformative’ trade deal with India

Key Point
  • Albanese said the two countries have finalized a deal to strengthen their economic and cultural ties.
  • A limited free trade agreement between the two countries entered into force in January.
  • The pair also announced the Australian and Indian Solar Task Forces.
Australia could sign a ‘transformative’ India trade deal by the end of the year after Anthony Albanese announced a series of agreements to conclude his visit to the subcontinent.

In a joint address with Indian Prime Minister Narendra Modi, the prime minister revealed that the two countries had finalized a deal to strengthen their economic and cultural ties.

Importantly, Albanese said the countries had agreed to an early conclusion of a comprehensive economic cooperation agreement, adding that he hoped it would be completed by the end of the year.
“This transformative agreement will maximize the potential of our bilateral economic ties, create job opportunities and improve living standards for people in both Australia and India,” he said. rice field.
A limited free trade agreement between the two countries, which took effect in January, has already paid off, with $2.5 billion worth of Australian agricultural products hitting India.

The pair also announced the Australia-India Solar Task Force, co-chaired by Professor Lennart Egan of Australia.

As India sets ambitious goals of using 50% renewable energy and 30% electric vehicles by 2030, countries will also work more closely together on the supply of critical minerals.
“We are proud of the existing cooperation between Australia and India on solar and hydrogen technologies,” said Albanese. ‘ said.
“The task force will advise governments on opportunities to accelerate solar deployment and strengthen supply chains.”
An audiovisual co-production agreement was also signed to support skilled work and creative exchanges in the development of the film project.

The leaders also made “significant and ambitious progress” on defense and security and pledged to share more information.

“Prime Minister Modi and I are working together to discuss an increasingly uncertain global security environment, address common challenges, and work towards an open, stable, and prosperous Indo-Pacific. We are committed to strengthening our defense and security partnership,” Albanese said.
“We welcome increased sharing of defense intelligence between Australia and India, including in the maritime domain.”
Albanese had toured the new aircraft carrier INS Vikrant, the first aircraft carrier built in India, before foretelling the national security agreement.
Later this year, Australia will host Exercise Malabar for the first time, and India will participate in Australia’s Talisman Saber exercise for the first time.
Earlier, the Prime Minister laid wreaths at the crematorium of Mahatma Gandhi, the “giant of the 20th century.”
Mr. Albanese will also host a question and answer session with students and address the Indian Institute of Technology on opportunities to strengthen links in higher education.

The institute is affiliated with several Australian universities.

https://www.sbs.com.au/news/article/anthony-albanese-has-unveiled-plans-for-this-transformational-trade-deal-with-india/9wcj5us4e Anthony Albanese reveals plans for this ‘transformative’ trade deal with India

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