India, Australia sign trade deal: Watershed moment, says PM Modi

Prime Minister Narendra Modi hailed the trade deal signed between India and Australia on Saturday, saying it will open up fresh opportunities for students, professionals and tourists of the two countries and enable both the sides to better harness existing potential. “This is a watershed moment for our bilateral relations…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,” Modi said.
He was speaking at a virtual ceremony, organised to facilitate the signing of the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

Australian PM Scott Morrison, Indian commerce and industry minister Piyush Goyal and his Australian counterpart Dan Tehan were also present at the virtual event.

Modi said the conclusion of the ECTA in a short period (negotiations were revived only on September 30, 2021) points at the depth of mutual confidence between the countries. The agreement, Modi said, will further bolster the “warm and close ties” between the people of the two countries by expanding work, study and travel opportunities, in addition to raising bilateral trade and economic cooperation.

For his part, the Australian Prime Minister said the ECTA would create ample opportunities for trade diversification for domestic producers and service providers bound for India, valued at up to $14.8 billion a year.

The agreement is also great news for lobster fishers in Tasmania, wine producers in South Australia, macadamia farmers in Queensland, critical minerals miners in Western Australia, lamb farmers from New South Wales, wool producers from Victoria and metallic ore producers from the Northern Territory, he said.

“This agreement opens a big door into the world’s fastest growing major economy for Australian farmers, manufacturers, producers and so many more,” Morrison said.