SYDNEY, 13 June 2022, (TON): Australia unveiled a substantial compensation deal with French submarine maker Naval Group, ending a contract dispute that soured relations between Canberra and Paris for almost a year.
Prime Minister Anthony Albanese said the French firm had agreed to a fair and an equitable settlement of 555 million euros ($584 million) for Australia ending a decade-old multi-billion-dollar submarine contract.
The agreement drew a line under a spat that caused leader-level recriminations and threatened to torpedo talks on an EU-Australia trade agreement.
French Defence Minister Sebastien Lecornu said “it permits us to turn a page in our bilateral relations with Australia and look to the future.”
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