Union Commerce Minister Piyush Goyal emphasised the importance of the India-Australia Economic Cooperation and Trade Agreement on Wednesday, saying that it is "better late than never" that the agreement was signed late. Goyal arrived in Australia on Tuesday for a three-day visit after signing the India-Australia Economic Cooperation and Trade Agreement (ECTA) on April 2.

The Minister paid a visit to Melbourne University. At the Melbourne Law School, he was accompanied by Australia's Trade Minister Dan Tehan and Allan Myers, Chancellor, University of Melbourne.

"The India-Australia Economic Cooperation and Trade Agreement (ECTA) gives us an opportunity to reclaim the brotherhood, fraternity, and togetherness that was rightfully due," Goyal remarked at a significant event at Melbourne University.

The minister emphasised that India and Australia are 50 years late in strengthening their ties. "This is a relationship where we could have naturally assisted each other in growing, prospering, and building a better future for the people of both countries," he continued.

Goyal praised the speed with which the two countries reached an agreement on trade "Even if you are late, it is excellent that you have arrived. The IndAus accord reflects this sentiment: better late than never."

Goyal went on to say that India and Australia are already well on their way to reaching an agreement on further educational partnership. "...I am hoping that The University of Melbourne will play a significant part in our future collaboration."  Goyal paid thanks to the health professionals, doctors, and nurses who helped save lives during the COVID-19 outbreak during his speech.

India, Australia sign trade pact; Indian goods to get duty-free access

India's Goal is to become the World's Largest Startup Hub: Piyush Goyal

India-UAE Free Trade Agreement could take effect on May 1: Goyal