Prime Minister Morrison significantly advanced Australia's economic and strategic partnership with India, marking a notable uplift in bilateral relations. On 2 April 2022, the Australia-India Economic Cooperation and Trade Agreement (ECTA) was signed by Prime Minister Morrison and Indian Prime Minister Narendra Modi.

The ECTA built on an ongoing strong bilateral relationship based on cooperation in trade, defence, critical minerals, technology, and people-to-people links. The Morrison Government committed $282 million in new initiatives to expand cooperation, representing the largest-ever Australian Government investment in the bilateral relationship.

Leaders also launched initiatives such as the Australia-India Infrastructure Forum and announced a new Australian Consulate in Bengaluru. The ECTA positioned Australia to capitalise on India's economic growth trajectory, with the goal of making India Australia's third-largest export market by 2035. To bolster this aspiration, the agreement eliminated tariffs on over 85 per cent of Australian goods exports to India, valued at more than $12.6 billion annually.

The bilateral relationship was already enjoying shared mutual security interests and strong alignment through the Quad partnership. The ECTA further developed Prime Minister Morrison's vision of India as a strategic Indo-Pacific partner, underpinned by shared democratic values and economic complementarity.

Related media:

1. Press release, Boosting our economic ties with India, 22 November 2018: https://pmtranscripts.pmc.gov.au/release/transcript-41984

2. Press release, Australia-India Virtual Summit, 22 March 2022: https://pmtranscripts.pmc.gov.au/release/transcript-44178

3. Press release, Historic trade deal with India, 02 April 2022: https://pmtranscripts.pmc.gov.au/release/transcript-43930

4. Remarks, Virtual signing of the Australia-India Economic Cooperation and Trade Agreement, 02 April 2022: https://pmtranscripts.pmc.gov.au/release/transcript-43932

Australia-India Economic Cooperation and Trade Agreement

National defence spending reaching 2% of GDP