Australia has 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 on Saturday that the French firm had agreed to a “fair and an equitable settlement” of 555 million euros ($584m) for Australia ending a 10-year-old multibillion-dollar submarine contract.
The agreement drew a line under a spat that caused leader-level recriminations and threatened to torpedo talks on a European Union-Australia trade agreement.
“It permits us to turn a page in our bilateral relations with Australia and look to the future,” said French defence minister Sebastien Lecornu.
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