The India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) was signed by Piyush Goyal, Union Minister of Commerce and Industry, , Government of India and Mr. Dan Tehan, the Minister for Trade, Tourism and Investment, Government of Australia in a virtual ceremony, in the presence of Prime Minister. Narendra Modi and the Prime Minister of Australia, Mr. Scott Morrison on Saturday.
Speaking after the signing, Narendra Modi said that signing of IndAus ECTA in such a short span of time reflects the depth of the mutual confidence between the two countries. Modi underlined the huge potential that exists in the two economies to fulfil the needs of each other and this agreement will enable the two countries to fully leverage these opportunities.
“This is a watershed moment for our bilateral relations”, he emphasized. The Prime Minister said “On the basis of this agreement, together, we will be able to increase the resilience of supply chains, and also contribute to the stability of the Indo-Pacific region.”
Terming ‘people to people’ relations as the key pillar of the relationship between India and Australia, the Prime Minister said “This agreement will facilitate the exchange of students, professionals, and tourists between us, which will further strengthen these relations.”
In his Opening remarks during the Joint Press Conference with Mr. Dan Tehan after the signing in ceremony, Goyal said the Australia – India ECTA truly symbolises our Ekta (Unity) & the spirit of cooperation.
Terming it a historic day for India, as it is a 1st agreement with a Developed country after a Decade, Goyal said our relationship rests on the pillars of trust & reliability, aptly reflected in our deepening geo-strategic engagement through the Quad & Supply Chain Resilience Initiative.
Stating that India and Australia are natural partners, connected by shared values of democracy, rule of law & transparency apart from our shared love for Cricket, Food & Movies, Goyal said Ind-Aus ECTA is expected to almost double bilateral trade to about $ 50 Billion in five years.
