New Delhi: The India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) was signed by Union Minister Piyush Goyal, and Dan Tehan, the Minister for Trade, Tourism and Investment, Government of Australia in a virtual ceremony, in the presence of Prime Minister of India, Narendra Modi and the Prime Minister of Australia, H.E. Scott Morrison today.
Speaking after the signing, the Prime Minister Narendra Modi, noted that this is his third interaction with his Australian counterpart in last one month. He conveyed his appreciation for the leadership of the Prime Minister Morrison and the efforts of his Trade Envoy and former Prime Minister of Australia Tony Abbott. He also commended the Trade Ministers and their team for a successful and effective engagement.
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.
“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.”The Prime Minister also conveyed his wishes to the women cricket team of Australia for upcoming World Cup final.
Meanwhile, growing India-Australia economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening relationship between the two countries. The IndAus ECTA, encompassing trade in goods and services, is a balanced and equitable trade agreement, which will further cement the already deep, close and strategic relations between the two countries and will significantly enhance the bilateral trade in goods and services, create new employment opportunities, raise living standards and improve the general welfare of the peoples of the two countries.