Experts agreed that the India-Australia Economic Cooperation and Trade Agreement (ECTA) was an important milestone in bilateral trade. Both sides deserved credit for sealing the deal, supported by political guidance from the highest levels. The early upward trends seen in levels of goods trade and a strong potential for greater services trade and business mobility were pointed out as positive signs.
There has been a dramatic transformation in India-Australia relations, in less than a decade, from persistent suspicions and distrust, occasional animosity, and polite disinterest to one driven by strategic necessity, mutual benefit, and proactive bipartisan political will.
Australia, with its large reserves of critical minerals such as Lithium, Cobalt and other rare minerals, can be Indias key strategic partner in attaining mineral security and in its quest for sustainable growth and carbon-neutrality, said Ms Hind.
The new round of negotiations is expected to be the most difficult because of technical issues and sensitivities, officials said, requesting anonymity. | Latest News India