India, Australia negotiating comprehensive trade deal: Modi
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He said both the countries have already signed the India-Australia Economic Cooperation and Trade Agreement (ECTA) and this is expected to double bilateral trade in the next five years. Addressing the Indian community at the Kudos Bank Arena in Sydney, Modi said the two countries are now working on the CECA.
Prime Minister Narendra Modi on Tuesday said that India and Australia are working on the Comprehensive Economic Cooperation Agreement (CECA). He also expressed confidence that bilateral trade would double in five years. He said both the countries have already signed the India-Australia Economic Cooperation and Trade Agreement (ECTA) and this is expected to double bilateral trade in the next five years. Addressing the Indian community at the Kudos Bank Arena in Sydney, Modi said the two countries are now working on the CECA.
“We are building a strong and reliable supply chain. This will strengthen the trade of both the countries.” Modi, who is here as a state guest, said air connectivity between India and Australia has increased and the number of flights will increase further in the coming days. Australia to be 13th largest trading partner in 2022-23. India’s exports stood at $6.95 billion while imports stood at $19 billion. The India-Australia Economic Cooperation and Trade Agreement is India’s first trade agreement with a developed country in more than a decade. It provides an institutional arrangement to encourage and improve trade between the two countries. According to government data, between April 2000 and December 2022, India received an investment of $1.07 billion from Australia.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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