Prime Minister Narendra Modi says the signing of India -Australia Economic Cooperation and Trade Agreement (ECTA) in a short time span reflects the depth of the mutual confidence between the two countries

New Delhi : 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.

Speaking after the signing, the Prime Minister, Shri 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. Shri 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, Shri 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, Shri 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, Shri Goyal said Ind-Aus ECTA is expected to almost double bilateral trade to about $ 50 Billion in five years. He said there is great potential for Indian exports in sectors like textiles & apparels, leather, hospitality, gems & jewellery, engg. goods & pharma, IT, Startups etc. Australia has committed key areas of India’s interest in Services like Education, IT, Business, Professional Services, Health & Audio-visual while Australia will also provide Post-study work visas for students, quota for Chefs & Yoga instructors and Work & Holiday visa for young professionals.

Shri Goyal said the Agreement provides adequate safeguards to prevent circumvention, fuse to protect against sudden surge in import of goods; for the 1st time, mechanism included for compulsory review after 15 years. Underlining that the Ind-Aus ECTA will not only herald a new era of trade & commercial ties, but also take the relationship between our nations to greater heights, Shri Goyal said he will be visiting Australia in the coming days, to take the ECTA to people.