India and Australia on Saturday signed an economic cooperation and trade agreement to boost economic ties. Under this agreement, Australia will provide duty-free access to more than 95 per cent of Indian goods in its market, including textiles, leather, jewelery and sports products. Commerce and Industry Minister Piyush Goyal and Australia’s Minister of Trade, Tourism and Investment Dan Tehan signed the India-Australia Economic Cooperation and Trade Agreement in an online ceremony. Prime Minister Narendra Modi and his Australian counterpart Scott Morrison were also present on the occasion.
The agreement is expected to increase bilateral trade to USD 45-50 billion in five years from USD 27 billion at present. Describing this agreement as historic, Prime Minister Modi said that both the countries have reached this agreement in a very short time, which is a proof of mutual trust between the two countries. He said that this agreement will be helpful in making the global supply chain reliable and in the stability of the Indo-Pacific region.
In the press conference held after the event, Union Minister Goyal said that the India-Australia ECTA reflects the strong ties between the two countries. “This is a historic day for our relationship and this is India’s first agreement with a developed economy in a decade,” he said. “We are expecting to create 10 lakh jobs in India in the next 4-5 years. In the coming times, new avenues will open for Indian chefs and yoga teachers. We discussed the cooperation of educational institutions between India and Australia.
Australian Prime Minister Morrison said that this agreement (Indos unity) has added another historical dimension to the ever-increasing relationship between the two countries. He said that Australia will be able to increase cooperation in the growth of India’s manufacturing sector through the supply of coal, liquefied natural gas (LNG), rare minerals. He said that stability in economic and trade cooperation remains a main topic of conversation among the leaders of the Quad group. Morrison said the agreement would expand into education, business, tourism and other sectors and that the agreement was a huge deal of opportunities.
(with inputs from agencies)