Closer economic ties with India are a critical component of the governmentu2019s trade diversification strategy,u201d Mr. Farrell said.
Trade diversification is the reason why Australia accepts trade pact. Since the world is excessively dependent on China for manufacturing. As we could see already large no. of companies are leaving China and establishing their manufacturing unit in some other countries like Vietnam, Indonesia, Singapore and some came even in India also.Prime Minister Anthony Albanese discussed the deals with Indian Prime Minister Narendra Modi and British Prime Minister Rishi Sunak last week on the sidelines of the Group of 20 summit in Indonesia.The trade agreement is expected to increase trade between the two sides to $45-50 billion over five years, from the current estimate of $27 billion, and create over 10 lakh additional jobs. It is a win-win for both partners because it will ensure uninterrupted supply of key raw material to Indian industries.India is getting a best deal while Australia is also getting more reliable alternative to China. The negotiations had begun over a decade ago in 2011, but now in 2022 it has been accepted by both the countries. Hope is this would be a bolster to the Indian economy in much needed time. Comment down your thoughts.
