Lagatar24 Desk
New Delhi, April 2: India in a historic step signed ‘India-Australia Economic Cooperation and Trade Agreement’ on Saturday in order to boost economic ties between the two countries.
Prime Minister Narendra Modi described the trade deal as a ‘watershed moment’ for bilateral ties.
The interim free trade deal’s goal is to eliminate 85% tariffs on Australian goods exports to India.
News agency ANI reported that PM Modi at a virtual signing ceremony of the agreement said, “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.”
According to the PM, the newly signed trade deal will contribute to the increasing supply chains resilience and stability of the Indo-Pacific region.
“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 the Indo-Pacific region,” PM Modi said.
The Agreement was signed in Melbourne by Australian Minister for Trade, Tourism and Investment Dan Tehan with Union Commerce and Industry Minister Piyush Goyal in New Delhi through a virtal mode.
Australian Prime Minister Scott Morrison said that the signing of the Agreement further develops on the promise of economic relationship between the two countries.
Tehan said, “We are very confident that this deal will see two-way trade, the trade between our nations will double in the coming years. We also know that this agreement will underpin the economic stability of the Indo-Pacific. It is an agreement for its time, it is an agreement for this moment and it’s wonderful to be able to join with you to sign it. What a wonderful occasion to be doing with on India’s New Year. This will create a new dawn for our nations but also it is wonderful to be able to celebrate on such an occasion.”
Australia said that the deal will remove tariffs on more than 85% of Australian goods exports to India, rising to almost 91% over 10 years.
