India and Australia signed the Economic Cooperation and Trade Agreement on Saturday in a virtual ceremony attended by Prime Minister Narendra Modi & his Australian counterpart Scott Morrison, commerce minister Piyush Goyal, and his counterpart Dan Tehan.
The move will benefit Indian exporters from over 6,000 different industries, including textiles, leather, furniture, jewellery, and machinery. The pact was signed after ten years of negotiations between India and Australia.
“The fact that such an important agreement could be reached in such a short period of time demonstrates the two countries’ mutual trust. This is truly a watershed moment in our bilateral relations,” PM Modi said after the agreement was signed.
“Our two economies have enormous potential to meet each other’s needs. We will be able to take advantage of opportunities as a result of this agreement. On the basis of this agreement, we will be able to contribute to increasing the Indo-Pacific region’s supply chain resilience and stability,” PM Modi further added.
Australia Prime Minister Scott Morrison said on the occasion, “The pace and scale of our cooperation since we announced our comprehensive, strategic partnership has been remarkable. My government’s $282 million in new initiatives, which it announced at the summit, will drive our expanding cooperation.”