PM Modi Highlights ECTA Impact at India-Australia CEO Forum
Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese participated in the India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne on Thursday, reaffirming their commitment to expanding bilateral trade, investment, and business cooperation.
Addressing business leaders, PM Modi underscored the impact of the India-Australia Economic Cooperation and Trade Agreement (ECTA) on bilateral economic relations. He stated, "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 added, "The world is currently navigating a period marked by uncertainty, supply chain disruptions, and an energy crisis. In such times, it is both natural and essential for India and Australia to move forward as natural and trusted partners."
Bilateral Trade Growth and CECA Negotiations
Indian High Commissioner to Australia Nagesh Singh highlighted the impact of the visit on future economic ties. He noted, "We signed the ECTA in 2022. Since then, our bilateral trade has gone up by 25%. It's crossed almost 50 billion; it's about 54 billion Australian dollars. But it's way below the potential given the size and dynamism of both our economies."
Singh added that negotiations for a Comprehensive Economic Cooperation Agreement (CECA) are ongoing. "We haven't finished it yet, but there will be some progress and hopefully, sooner rather than later, we'll conclude. This visit will be more about reviewing where we are in terms of our trade and investment relationship and the CECA will open up many vistas for both countries."
Modi-Albanese Meeting and Broader Agenda
Prime Minister Modi met his Australian counterpart in Melbourne during the second leg of his three-nation visit to Indonesia, Australia, and New Zealand. The meeting followed Modi's arrival in Australia on Wednesday, where he was welcomed by the Indian community with cultural performances.
During his three-day visit, Modi and Albanese are expected to hold wide-ranging discussions on strengthening cooperation in defence and security, trade and investment, education, mobility, and people-to-people ties. In his departure statement, PM Modi said the visit would also deepen cooperation in emerging and critical technologies, sports, and sports science.
After concluding his engagements in Australia, the Prime Minister will travel to New Zealand for the final leg of his tour.
