The trade agreement between India and Australia, signed on Saturday, has been widely welcomed by the community organisations and leaders.
Australia’s Trade Minister Dan Tehan and India’s Minister of Commerce and Industry, Piyush Goyal signed the Australia-India Economic and Trade Agreement (AI ECTA) in a virtual ceremony on Saturday. Australia’s Prime Minister Scott Morrison and India’s Prime Minister Narendra Modi witnessed the virtual ceremony.
The deal that will lead to the two countries removing tariffs and other trade barriers has been welcomed by Australia India Business Council.
Welcoming the above signing of the AI ECTA Agreement, the National Chair of Australia India Business Council Limited (AIBC) Mr Jim Varghese AM said “Today is an historic day for the future of the trade and investment relationship between Australia and India. Congratulations to the Prime Minister and DFAT for the persistence and determination in helping execute the signing of the Australia India AI ECTA agreement.
“The AIBC is very encouraged by this important development which we have been passionately driving and supporting for a decade. The initiative by the Prime Ministers of India and Australia to establish the AIBC over 35 years ago to assist in making these milestones happen is now vindicated.”
Mr Jim Varghese AM stated, “As we are coming out of the Covid 19 scenario and seeing the dramatic economic growth in the bilateral trade with AI ECTA, AIBC is fully geared up to engage with both Australian and Indian businesses and stakeholders to continue to promote in a big way and facilitate business to business engagements in a significant manner in coming months of 2022 and beyond .”
Former Australian Prime Minister Tony Abbot AC, who was heavily involved with the negotiations, said the deal helps to add an economic dimension to the Quadrilateral Dialogue (Quad), a group of India, Australia, Japan and the US.
“With its sophisticated manufacturing capacity, I am confident that India could readily substitute for China in critical supply chains.”
“This really is a genuinely historic achievement and Scott Morrison, Dan Tehan and Barry O’Farrell should be very proud of it.”
Australian Foreign Minister Maris Payne said, “The Australia-India Economic Cooperation & Trade Agreement, signed today, builds on Australia’s relationship with India, a vital Indo-Pacific partner. It strongly reinforces our shared commitment to deepening Australia-India ties & rules-based trade.”