Modi: India-Australia ECTA “Watershed moment for our bilateral relations”

02 April 2022, Mumbai:

The India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) was signed by Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, 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 of India, Shri. Narendra Modi and the Prime Minister of Australia, Mr. Scott Morrison today.

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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.”

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, Shri Goyal said Ind-Aus ECTA is expected to almost double bilateral trade to about $ 50 Billion in five years.

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Delighted to share that today, under the esteemed presence of Hon’ble PM of Australia Scott Morrison & Hon’ble PM Shri Narendra Modi, India & Australia signed the Economic Cooperation and Trade Agreement (ECTA).

Great potential for Indian exports in sectors like textiles & apparels, leather, hospitality, gems & jewellery, engg. goods & pharma, IT, Startups etc. It is expected to create new employment opportunities, raise living standards & enhance the overall welfare of the peoples of both the countries. Additional employment generation is expected to be 10 lakhs within the next 5 years.

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CREDITS: PBI (The news article has not been edited by DFU Publications staff).