'IndAus ECTA': India, Australia To Sign Interim Free Trade Agreement Today

India and Australia are set to sign an interim free trade agreement on Saturday (2 April).

The India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) will be signed by Union Minister of Commerce and Industry Piyush Goyal and Australian Minister for Trade Dan Tehan in a virtual ceremony in the presence of Prime Minister Narendra Modi and his Australian PM Scott Morrison, according to a Commerce Ministry release.

Growing India-Australia economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening relationship between the two countries, the ministry said.

According to the ministry, the IndAus ECTA, encompassing trade in goods and services, is a balanced and equitable trade agreement, which will further cement the already deep, close and strategic relations between the two countries and will significantly enhance the bilateral trade in goods and services, create new employment opportunities, raise living standards and improve the general welfare of the peoples of the two countries.

The development comes as Australian Trade Minister Tehan was in Delhi in February, during which it was decided that the interim FTA will be signed within 30 days while a comprehensive economic cooperation agreement within 12 months.