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Home / News / India News / 'Watershed moment': PM Modi after signing trade pact with Australia
India

'Watershed moment': PM Modi after signing trade pact with Australia

'Watershed moment': PM Modi after signing trade pact with Australia
Written by Manzoor-ul-Hassan
Apr 02, 2022, 05:04 pm 2 min read
'Watershed moment': PM Modi after signing trade pact with Australia
The bilateral agreement is expected to create 1 billion jobs in India within next five years. (Representational Image)

India and Australia on Saturday inked the India-Australia Economic Cooperation and Trade Agreement or 'IndAus ECTA' in a virtual ceremony attended by Prime Minister Narendra Modi and his Australian counterpart Scott Morrison. PM Modi called the pact a "watershed moment," saying it will boost the economic potential of the two countries and contribute to the Indo-Pacific region's supply chain resilience and stability.

Context
Why does this story matter?
  • The move, which was made possible by an interim agreement, is projected to assist Indian exporters from over 6,000 different industries, including textiles, leather, furniture, jewelry, and machinery.
  • The pact was inked as India and Australia relations went for 10 years in the making.
  • Australia is India's 17th-largest trading partner, whereas New Delhi is Canberra's 9th-largest trading partner.
Statement
What did PM Modi say?

"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 the deal. "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.

Morrison
Announced $282 million in new initiatives: Morrison

Prime Minister of Australia Scott Morrison, while speaking on the occasion, said that the trade accord inked with India will "deepen" the strong ties." "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," he said.

Twitter Post
Australian High Commissioner to India tweets about the development

#IndAusECTA is a landmark moment in the ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฎ๐Ÿ‡ณ partnership. Sincere thanks to colleagues at ๐Ÿ‡ฎ๐Ÿ‡ณ @CimGOI and @MEAIndia for their hard work with their ๐Ÿ‡ฆ๐Ÿ‡บ @dfat counterparts to deliver the ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ฎ๐Ÿ‡ณ Economic Cooperation Trade Agreement. @DanTehanWannon @PiyushGoyal #dosti pic.twitter.com/KktgqAm9ZN

โ€” Barry Oโ€™Farrell AO (@AusHCIndia) April 2, 2022
Jobs
India expecting creation of 1 million jobs

Meanwhile, Indian commerce minister Piyush Goyal said that the IndAus ECTA symbolizes the solidarity and deep links between the people of both countries. "It is a historic day for our ties and is the first agreement India has entered with a large developed economy in a decade," he said adding that he expects the creation of one million jobs in India within five years.

Information
Pact will boost bilateral trade: Goyal

According to Goyal, the pact would boost bilateral trade from $27 billion to $45-50 billion in the next five years. From the start, Australia will grant India duty-free access to around 96.4 percent of its exports (by value).

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Manzoor-ul-Hassan
Manzoor-ul-Hassan
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Manzoor ul Hassan is a multi-media journalist and writer. His stories on healthcare, politics, society, and lifestyle were published by leading news organisations. He is currently working as a National Writer for NewsBytes. He has previously worked for national and international news organisations such as ARD (German TV), Healthwire.co, ORF Austria, Pear Video, BBC, and NDTV.
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