Prime Minister Narendra Modi said today that the newly signed economic cooperation and trade agreement will help India and Australia exploit their existing opportunities and facilitate student exchanges, professionals exchanges, and tourists exchanges.
Prime Minister Modi and Australian Prime Minister Scott Morrison attended a virtual ceremony to sign the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).
According to PM Modi, such a short time frame shows how mutually confident the two nations are.
Likewise, he highlighted a large amount of room for opportunity in both economies to fulfill one another's needs, noting that this agreement would allow the countries to fully tap into these opportunities.
"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," PM Modi said.
He said the agreement will also facilitate student, professional, and tourist exchanges between the two nations.
Australia's Prime Minister, Scott Morrison, expressed delight at the signing of the agreement, saying it further strengthens the relationship between India and Australia.
Along with increasing trade and economic cooperation, he said, the agreement will allow people and organizations in the two countries to enhance their "warm and close ties" by providing more work, study, and travel opportunities.
It will create enormous opportunities for export diversification for domestic producers and service providers with exports to India, worth up to USD 14.8 billion each year, said Australia's Prime Minister.
"This agreement opens a big door into the world's fastest-growing major economy for Australian farmers, manufacturers, producers and so many more," he said, adding by unlocking the huge market of around 1.4 billion consumers in India, "we are strengthening the economy and growing jobs right here at home"
"This agreement has been built on our strong security partnership and our joint efforts in the Quad, which has created the opportunity for our economic relationship to advance to a new level," he added.