NEW DELHI: In a virtual ceremony on Saturday, India and Australia signed the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA). The agreement seeks to strengthen goods and services trade. 

Prime Minister Narendra Modi and his Australian counterpart Scott Morrison were present for the virtual signing event.

"The India-Australia Comprehensive Economic Trade Agreement would reduce trade barriers and provide both countries with a wealth of opportunities in goods and services," said Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles.

"Over the next five years, it is predicted that bilateral trade will increase from USD27 billion to about USD45-50 billion. Textiles, pharmaceuticals, hospitality, gem and jewellery, and information technology, among other industries, have enormous potential for producing jobs in both countries."

PM Modi urges on early closure of CECA with Australia

29 rare Indian statues brought back from Australia, PM Modi inspects

India-Australia summit: PM Modi, Scott Morrison to hold virtual meet today