RELATIONS / Interim trade agreement between India and Australia, PM Modi said – it shows our mutual trust

Economic cooperation and trade agreement was signed on Saturday to promote economic cooperation between India and Australia. Under the agreement, Australia will provide customs-free access to more than 95 per cent of its market for goods, including textiles, leather, jewelery and sporting products. On this occasion, Prime Minister Narendra Modi said that, agreeing on such an important agreement in such a short time, shows the mutual trust between the two countries. This is very important for our bilateral relations.

PM Modi said, "These relations are an important pillar of India-Australia friendship, this agreement will facilitate the exchange of students, professionals and tourists between us. Which will further strengthen these ties. There is a lot of potential to meet the needs of others, I am sure with this agreement we will be able to take full advantage of these opportunities. Based on this agreement, together we will be able to contribute to the resilience of the supply chain and the stability of the Indo-Pacific region."

Australian Prime Minister Scott Morrison said that we have announced our comprehensive, strategic partnership. My government has announced a new initiative worth about $282 million. This will promote wider cooperation between us.

India-Australia natural partner

Speaking on the occasion, Union Commerce Minister Piyush Goyal said that India-Australia are natural partners, united by the shared values ​​of democracy, rule of law and transparency. He said that like two brothers, both the countries have helped each other during the corona epidemic. He said that we expect to create one million jobs in India in the next four to five years. Many new opportunities will open up for Indian chefs and yoga instructors in the times to come.

Business will double in future

Piyush Goyal said that, we are removing trade barriers which will double the trade in future. Bilateral trade is expected to take around $45-50 billion from the current $27 billion in the next five years. The Union Minister said that more than one lakh Indian students are living and studying in Australia. We are looking at work and holiday visa arrangements to promote tourism.