Australian Prime Minister Scott Morrison described the trade agreement set to be signed with India on Saturday as representing "one of the largest economic doors to be opened in the world today." The federal government announced on Friday that Australian Trade Minister Dan Tehan and Indian Commerce and Industry Minister Piyush Goyal will sign the Australia-India Economic Cooperation and Trade Agreement in a virtual ceremony, with both countries continuing to work towards a comprehensive free trade agreement. Speaking to reporters, Morrison stated that he and Indian Prime Minister Narendra Modi will witness the virtual ceremony, according to Reuters.
Morrison's government aims to diversify export markets and reduce Australia's dependence on China, its largest trading partner, following diplomatic disputes that led Beijing to impose sanctions on certain Australian products. The agreement with India eliminates tariffs on over 85% of Australian goods exports to India, valued at AUD 12.6 billion, increasing to about 91% over ten years. Morrison's announcement of the agreement coincides with his expected call for a general election within days, and he was keen to secure this trade agreement before the election campaign began after negotiating with India for ten years.
