India and Australia signed an important trade agreement on Saturday that will boost economic ties. PM Narendra Modi noted in a statement Saturday that the fact that such an important agreement could be reached in such a short period of time is a testament to the mutual trust between the two nations. Our bilateral relationship has indeed reached a historical moment. In the last few weeks, PM Modi has had virtual meetings with Scott Morrison of Australia three times.
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Since announcing our comprehensive, strategic partnership, Morrison said: “Our collaboration has grown rapidly.” In addition to the Summit, our government has announced additional initiatives worth 282 million dollars.” We are pleased to share information with you regarding the signing ceremony for the India-Australia Economic Cooperation and Trade Agreement that took place virtually.
At the event, PM Narendra Modi said, “I am confident that with this agreement we will be able to take full advantage of the opportunities between the two economies.” By signing this agreement, we are strengthening the supply chain and contributing to the stability of the Indo-Pacific region.”
India’s Prime Minister, Narendra Modi, said: “These ties are an invaluable basis of the friendship between our two countries, and the agreement will facilitate student, professional, and tourist exchanges between the two countries. Through this agreement, we will be able to strengthen our relations even more.
India and Australia have signed a trade and economic cooperation agreement. “India and Australia are natural partners with common values of democracy, rule of law, and transparency,” said Union Minister Piyush Goyal at the virtual signing ceremony for the India-Australia Economic Cooperation and Trade Agreement. Like two brothers, two nations worked together during the pandemic.
What does the new agreement state?
“One of the biggest economic doors in the world today” will be opened by the trade agreement, the Australian prime minister said before signing.
As reported by Reuters, the new agreement removes tariffs on more than 85 percent of Australian goods exports to India, valued at $12.6 billion, which have risen by almost 91 percent in 10 years. Wool, copper, coal, alumina, fresh Australian rock lobster, and some minerals and non-ferrous metals are among the items that will be exempted from import duties in India soon. More than 96% of Indian imports to Australia will be duty-free.
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