“Watershed moment,” says PM Modi as India, Australia sign historic free trade deal

The India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) was signed by Union Minister of Commerce and Industry Piyush Goyal, and Dan Tehan, the Minister for Trade, Tourism and Investment, Government of Australia in a virtual ceremony.

The ceremony was done in the presence of Prime Minister Narendra Modi and the Prime Minister of Australia, Scott Morrison on Saturday.

Speaking after the signing, the Prime Minister, Narendra Modi, noted that this is his third interaction with his Australian counterpart in last one month. He conveyed his appreciation for the leadership of the Prime Minister Morrison and the efforts of his Trade Envoy and former Prime Minister of Australia Mr Tony Abbott.

Modi underlined the huge potential that exists in the two economies to fulfil the needs of each other and this agreement will enable the two countries to fully leverage these opportunities. “This is a watershed moment for our bilateral relations”, he emphasized. The Prime Minister said “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.”