“ECTA has strengthened our economic ties”: PM Modi at India
Prime Minister Narendra Modi on Thursday highlighted the role of the India-Australia Economic Cooperation and Trade Agreement (ECTA) in boosting bilateral economic relations, saying the pact had strengthened trade ties and created new opportunities for businesses in both countries.
Addressing the India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne along with Australian Prime Minister Anthony Albanese, PM Modi said the two countries were committed to expanding trade, investment and business cooperation.
“The ECTA agreement, concluded in record time in 2022, has further strengthened our economic ties. Since its implementation, exports from India to Australia have doubled, and businesses in both countries have benefited from new market access,” PM Modi said.
He said the global economy was facing challenges such as uncertainty, supply chain disruptions and an energy crisis, making closer cooperation between India and Australia both necessary and natural.
“In such times, it is both natural and essential for India and Australia to move forward as natural and trusted partners,” the Prime Minister said.
Earlier, Indian High Commissioner to Australia Nagesh Singh said PM Modi’s visit was expected to further strengthen economic engagement between the two countries.
Highlighting the progress made since the signing of ECTA in 2022, Singh said bilateral trade had increased by 25 per cent and reached nearly 54 billion Australian dollars, while noting that the figure was still below the potential of the two economies.
He said India and Australia were negotiating the Comprehensive Economic Cooperation Agreement (CECA), a more comprehensive trade pact that could open new avenues for deeper economic and commercial cooperation.
“While negotiations are still underway, there will be progress and hopefully, sooner rather than later, we will conclude it,” Singh said.
PM Modi’s participation in the CEO Forum came during the second leg of his three-nation visit to Indonesia, Australia and New Zealand. He arrived in Australia on Wednesday after concluding his engagements in Indonesia and received a warm welcome from the Indian community in Melbourne.
During his three-day visit to Australia, PM Modi and Albanese are scheduled to hold discussions on expanding cooperation in defence and security, trade and investment, education, mobility, people-to-people ties, emerging technologies, sports and sports science.
After completing his engagements in Australia, PM Modi will travel to New Zealand, the final stop of his three-nation tour.
(ANI Inputs)
