India, Australia sign mega trade pact; PM Modi calls it 'Watershed Moment'

New Delhi, Apr 02: Prime Minister Narendra Modi said on Saturday that the economic cooperation and trade agreement signed between India and Australia will enable the two countries to fully leverage the existing opportunities, besides facilitating the exchange of students, professionals and tourists.

"Today, in less than a month, this is my third face-to-face interaction with my friend, Scott. We had a very productive discussion in the Virtual Summit last week. At that time, we had instructed our teams to conclude the negotiations on the Economic Cooperation and Trade Agreement at the earliest. And I am very happy that today this important agreement is being signed. For this extraordinary achievement, I heartily congratulate the Trade Ministers and their officials of both the countries," PM Modi said.

"I would also like to particularly congratulate the former Prime Minister of Australia and the current trade envoy of the Prime Minister Morrison, Tony Abbott. His efforts have contributed in accelerating the process," he said.

"Conclusion of such an important agreement in such a short time shows how much mutual trust exists between the two countries. This is indeed a watershed moment for our bilateral relationship. Our economies have great potential to meet each other's needs. I am sure that through this agreement we will be able to take full advantage of these opportunities," the prime minister said.

This agreement will make it easier for us to exchange students, professionals, and tourists, further strengthening these ties. I once again congratulate the teams of the two countries on the effective and successful negotiation of the India-Australia Economic Cooperation and Trade Agreement - "IndAus ECTA".

"My heartfelt thanks to Prime Minister Morrison for joining today's event, and my best wishes for the successful conduct of the upcoming elections in Australia. And also best wishes to the Australian women's cricket team for the World Cup final to be played tomorrow," PM Modi concluded.