Business heralds new free trade treaties

Businesses have welcomed greater access to British and Indian export markets after the passing of free trade agreements.

The Business Council says the trade treaties will open new opportunities for Australian companies.

“One of the best ways to create new opportunities for Australian workers is a growing economy fuelled by new investment and easier access to global markets,” chief executive Jennifer Westacott told AAP.

Ms Westacott said access to the fastest-growing economy in the world – a market of 1.4 billion Indians – would provide “overwhelming benefits” in areas such as clean technology and education.

She said the UK agreement gave both nations the opportunity to access skilled labour and plug critical workforce shortages.

The parliament ticked off the two free trade agreements but their implementation hangs on the treaties being ratified by their respective nations.

Trade Minister Don Farrell hopes India and the UK will have their own processes completed by the end of the year.

Mr Farrell said Australia would continue to work with the two nations to try and get the agreements in place as soon as possible.

“These agreements will support our businesses to grow, to offer more employment opportunities and will give Australian consumers more choice at the checkout,” he said.


Dominic Giannini
(Australian Associated Press)


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Categories: Finance