New Delhi, Apr 2 (LAB) The India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) was signed by the Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Mr. Piyush Goyal, and Mr. Dan Tehan, the Minister for Trade, Tourism and Investment, Government of Australia in a virtual ceremony, in the presence of the Prime Minister of India, Mr. Narendra Modi, and the Prime Minister of Australia, Mr. Scott Morrison today.
Speaking after the signing, the Prime Minister, Shri Narendra Modi said that the signing of Ind-Aus
ECTA in such a short span of time reflects the depth of the mutual confidence between the two countries. PM Modi underlined the huge potential that exists in the two economies to fulfill 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
the ceremony, Mr. Goyal said the Australia – India ECTA truly symbolizes our Ekta (Unity) & the spirit
of cooperation. Terming it a historic day for India, as it is the 1st agreement with a Developed country after a Decade, Mr. Goyal said our relationship rests on the pillars of trust & reliability, aptly reflected in our deepening geostrategic 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, and transparency apart from our shared love for Cricket, Food & Movies, MrGoyal 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 & apparel, leather, hospitality, gems & jewelry, engineering goods and pharma, IT, Startups, etc. Australia has committed to key areas of India’s interest in Services like Education, IT, Business, Professional Services, Health, and Audio-visual while Australia will also provide Post-study work visas for students, the quota for Chefs & Yoga instructors, and Work & Holiday visas for young professionals.
Mr. Goyal said the Agreement provides adequate safeguards to prevent circumvention, and fuse to
protect against a sudden surge in import of goods; for the 1st time, the mechanism included 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, Mr. Goyal said he will be visiting Australia in the coming days, to take the ECTA to people./LAB/SNG
India, Australia sign trade pact reflects the depth of the mutual confidence between the two countries, PM Modi
