Indian Economy News

India, Australia working in Quad to ensure peace in Indo-pacific: Goyal

"We have been having a sea-saw of the negotiation over India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA), for many years. Later with the blessing of Prime Minister Mr. Scott Morrison and Prime Minister Mr. Narendra Modi. It was finally decided that we must seriously engage and agree on how to take this comprehensive partnership which was launched by Prime Minister Mr. Scott Morrison and Prime Minister Mr. Narendra Modi in June 2020 to the next level and bring the economic dimension to our wonderful dimension," said Minister of Commerce and Industry, Minister of Consumer Affairs, Food and Public Distribution and Minister of Textiles, Mr. Piyush Goyal. India and Australia, according to him, are working closely together in the Quad to promote peace, stability, and order in the Indo-Pacific region, particularly in terms of geopolitical alignment.

"We already have the Quad where Japan Australia, US and India are working closely together to ensure peace and stability and order in the Indo-pacific region especially geopolitical alignment that is the need of the hours" he said during the speech. Speaking to ANI, the He said: "The trade agreement has been well received in India and Australia. I think it will be a great boost to both economic ties, help us in our geopolitical and strategic partnership and create huge employment opportunities for our young boys and girls in India."

ECTA is projected to generate new job opportunities, raise living standards, and improve the overall well-being of both countries' citizens. Within the next five years, an additional 10 lakh jobs are predicted to be created.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.