The India Austrial trade deal will benefit Indian exporters on an immediate basis
India and Australia on Saturday inked the India-Australia Economic Cooperation and Trade Agreement in a virtual ceremony attended by Prime Minister Narendra Modi and his Australian counterpart Scott Morrison
India and Australia on Saturday inked the India-Australia Economic Cooperation and Trade Agreement 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 broad sectors, including textiles, leather, furniture, jewellery and machinery. The pact was inked as India and Australia relations went for 10 years in the making.
“Consensus on such an important agreement in such a short period of time shows the mutual trust between the two countries. This is truly a watershed moment for our bilateral relations,” said PM Modi after signing of the deal.
“There is great potential between our two economies to fulfill each other’s needs. With this agreement, we will be able to benefit from opportunities. On the basis of this agreement, together we will be able to contribute to increasing supply chains resilience and stability of Indo-Pacific region,” he added.
Speaking on the occasion, Australia Prime Minister Scott Morrison said, “The pace and scale of our cooperation since we announced our comprehensive, strategic partnership has been remarkable. The $282 million in new initiatives that my government has announced including at the summit will drive our expanding cooperation.”
Morrison said Saturday’s deal was the single largest Australian investment in India but this will not be the last. “The signing of the IndAus Agreement further develops on the promise of our economic relationship,” he said.
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