New Delhi: India and Australia signed an economic cooperation and trade agreement to boost economic ties. According to the agreement, Australia will provide duty-free access to its market for more than 95 per cent of Indian goods, including textiles, leather, jewellery and sports products. Union Minister of Commerce and Industry Piyush Goyal and Australia's Minister of Trade, Tourism and Australia's Investment Dan Tehan signed the India-Australia Economic Cooperation and Trade Agreement at an online ceremony. PM Narendra Modi and Australian PM Scott Morrison were also present on the occasion.
The agreement is expected to increase bilateral trade to the tune of US$ 45 to 50 billion in five years from US$ 27 billion at present. Terming the agreement as historic, Pm Modi said that the two countries have reached the agreement in a very short span of time, which is a proof of mutual trust between the two countries. He said the agreement will help in making the global supply chain credible and the stability of the Indo-Pacific region.
In a press conference held after the event, Union Minister Goyal said that the India-Australia ECTA demonstrates the strong ties between the two countries. "This is a historic day for our relationship and this is India's first agreement with the developed economy in a decade. "We are expecting to create 10 lakh jobs in India in the next 4-5 years. In the coming time, new avenues will open up for Indian chefs and yoga instructors. We have discussed cooperation of educational institutions between India and Australia. '
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