In a virtual ceremony between Prime Minister Modi and Australian Prime Minister Scott Morrison, India- Australia economic Cooperation and Trade Agreement( IndAus ECTA) was signed by Commerce and Industry Minister Piyush Goyal and his Australian counterpart Dan Tehan. The Mega Trade pact signed will enable the two countries to fully leverage the existing opportunities, besides the exchange of students, professionals, and tourists.
The signing of the pact in such a short period clearly shows the confidence between the two countries, says PM Modi. He also said there is huge potential that exists in the two economies to fulfill each other’s needs. He further added that this agreement will leverage these opportunities. PM Modi noted that” This is the watershed moment for our bilateral relations. Based on this agreement, together we will be able to increase the resilience of supply chains and also contribute to the stability of Indo- Pacific region”. This agreement will even facilitate the exchange of students, professionals, and tourists between the two countries.
The signing of the pact is termed another milestone in the growing relationship between the two countries. Prime Minister Morrison stated that the further development of this agreement depends on the promise of the relationship.
This agreement will further deepen the ‘warm and close ties’ between the people of the two countries through expanding work, study, and travel opportunities along with increased trade and economic cooperation.
The agreement would create a huge trade diversification for the domestic producers and service providers in India up to USD 14-8 billion each year, states the Australian Prime Minister. He further adds that the agreement would open big doors to major economies from Australian farmers, manufacturers, producers, and more. Australian Prime Minister says that by adding a huge market of around 1-4 billion consumers from India he is strengthening the economy and growing jobs.
This agreement is a piece of great news for the lobster fishery in Tasmania, wine producers in South Australia, macadamia farmers in Queensland, critical minerals miners in western Australia, lamb farmers in New South Wales, wool producers from Victoria, and metallic ore producers from the Northern Territory.
The agreement has been built on the strong security partnership and joint efforts in Quad, which created the opportunity for an economic relationship to reach a new height.
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