Is the Economic Cooperation and Trade Agreement with India Yielding Impressive Outcomes?
Synopsis
Key Takeaways
New Delhi, Feb 5 (NationPress) The High Commissioner of Australia to India, Philip Green, remarked on Thursday that both Australian Prime Minister Anthony Albanese and Indian Prime Minister Narendra Modi maintain a steadfast commitment to their vision for the Indo-Pacific—a region that must remain stable, free, and prosperous.
In an interview with IANS, Green praised the Indian community in Australia for their invaluable role in fortifying bilateral business ties. He emphasized that the two countries do not engage in direct competition, as they produce diverse goods and services.
When queried about how India and Australia can promote a free, open, and rules-based order in the Indo-Pacific, the Australian envoy stated, "Australia and India share the Indo-Pacific region and envision it as being stable, free, and prosperous. Prime Minister Narendra Modi and my Prime Minister, Anthony Albanese, are unequivocally aligned on this, which is a key driver of our bilateral relationship—strategic alignment and economic complementarity. We generate very different goods and services, minimizing competition. Moreover, the 'human bridge' aspect is significant, with over a million individuals of Indian descent now residing in Australia, contributing significantly to our community and enhancing business connections between our nations."
Highlighting the trustworthy partnership between the two nations, Green noted that the economic cooperation and trade agreement has already produced considerable results in business.
When asked if recent geopolitical changes might bolster bilateral cooperation between India and Australia, he responded, "The lesson we’ve learned is that friendship, reliable partnerships, and trust are crucial. This is what India receives from Australia and vice versa. With this foundation, we can undertake significant initiatives like the Free Trade Agreement and ECTA, which we signed a few years ago, and which is already yielding substantial business outcomes between Australia and India."
Importantly, the relationship between Australia and India was upgraded from a ‘Strategic Partnership’ in 2009 to a Comprehensive Strategic Partnership (CSP) in 2020. The Ministry of External Affairs (MEA) highlights that both nations share commonalities, grounded in shared values of pluralistic, Westminster-style democracies, Commonwealth traditions, enhancing economic engagement, and increasing high-level interactions. The bond between the two countries is built on mutual understanding, friendship, and a shared vision of a peaceful, stable, and prosperous Indo-Pacific.
The economic relationship between India and Australia has significantly expanded in recent years. The India-Australia Economic Cooperation and Trade Agreement (IndAUS ECTA) took effect on December 29, 2022. Up to now, the two nations have held 11 rounds of talks regarding the India-Australia Comprehensive Economic Cooperation Agreement (CECA).