New Delhi: Industry body FICCI has expressed delight over the India-Australia Economic Cooperation & Trade Agreement having been passed by the Australian Parliament. The two countries, while strengthening the QUAD and the Indo-Pacific realm, are now entering in an exciting phase in their relationship that promises to be a win-win situation for both bilaterally and multilaterally. It is now time to unleash the full potential of India-Australia trade and investment ties, said FICCI in a statement.

The relations between India and Australia are now expected to grow rapidly, with the implementation of India Australia Economic Cooperation and Trade Agreement (ECTA) in the run up to a Comprehensive Economic Cooperation Agreement (CECA). Achieving USD 100 billion targets of bilateral trade and investment is within reach and it is the responsibility of businesses from both sides to achieve it by 2030, added the industry body.

Commenting on the development, FICCI Director General Arun Chawla said: “We are confident that this agreement shall open doors to opportunities across diverse areas like mining and minerals, pharmaceuticals, healthcare, education, clean energy, transportation, gems and jewellery, tourism, and textiles, generating about a million jobs in India. There are also excellent prospects for collaboration between India and Australia in some critical areas like space and defence, critical minerals and related technologies, water resources, training and education, circular economy, and cyber technologies.” /BI/