Australia signs ‘groundbreaking’ trade deal with India to reduce dependence on China
- Australia wants to reduce its dependence on its largest trading partner China, after diplomatic spats led to Beijing sanctioning certain Australian products
- PM Scott Morrison is expected to call a general election within days, and has been eager to secure the trade deal before campaigning begins
Australia formally signed a trade deal with India on Saturday as the two nations signalled an intention to forge closer trade ties.
The Australia-India Economic Cooperation and Trade Agreement was signed in a virtual ceremony by Trade Minister Dan Tehan and India’s Minister of Commerce & Industry, Piyush Goyal.
Australia’s Prime Minister Scott Morrison and India’s Prime Minister Narendra Modi witnessed the virtual ceremony.
Morrison is expected to call a general election within days, and has been eager to secure the trade deal before campaigning begins, having been in negotiations with India for a decade.
Speaking to reporters in Tasmania, Morrison said the agreement with the world’s second most populous nation represented “one of the biggest economic doors there is to open in the world today”.