Indian Economy News

India, Australia working on comprehensive trade pact, says Prime Minister Mr. Narendra Modi

Prime Minister Mr. Narendra Modi addressed nearly 21,000 members of the Indian diaspora in Sydney that India and Australia were working on a Comprehensive Economic Cooperation Agreement (CECA). He announced that the two countries had inked an Economic Cooperation and Trade Agreement (ECTA) and were currently working on the CECA.

He also added that “We are building a resilient and reliable supply chain. This will strengthen the business of both countries.

Australian Prime Minister Mr. Anthony Albanese said, “We want to see more connections. More Australian and Indian students are living and studying in each other’s countries and bringing those experiences home.”

In 2022-23, Australia was India's thirteenth-largest trading partner.

Mr. Modi acknowledged that the World Bank regarded India as the only nation withstanding global headwinds, while the International Monetary Fund considered it the bright light of the world economy.

Mr. Narendra Modi met with top Australian business leaders and asked for further cooperation with Indian industry in areas such as technology, skilling, and sustainable energy. He engaged with Hancock Prospecting Executive Chairman Ms. Gina Rinehart, Fortescue Future Industry Executive Chairman Mr. Andrew Forrest, and Australian Super Chief Executive Officer Mr. Paul Schroder.

Modi also met with renowned Australian public figures such as Nobel laureate Mr. Brian Paul Schmidt, "Toilet warrior" Mr. Mark Balla, artist Mr. Danielle Mate, Mr. Guy Sebastian, and celebrity chef and restaurateur Ms. Sarah Todd.

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