Scindia, former Australian PM discuss trade, bilateral ties

Union Civil Aviation Minister Jyotiraditya Scindia on Tuesday met former Australian Prime Minister Tony Abbott where the leaders held discussions on trade and strengthening bilateral ties between the two countries.

"It was a pleasure meeting Mr @HonTonyAbbott, former PM & current Australian PM's Special Representative. Had a fruitful discussion on issues of trade & strategic importance to further strengthen the bilateral relations, following the success of #IndAusECTA," tweeted Scindia.

Notably, earlier this month, Union Commerce and Industry Minister Piyush Goyal met Tony Abbott, the Australian Prime Minister's Special Trade Envoy, in Melbourne during his three-day Australia visit.

Goyal had said that Abbott has played a key role in realizing the India-Australia Economic Cooperation and Trade Agreement (ECTA).

ECTA is the first trade agreement of India with a developed country after more than a decade and provides for an institutional mechanism to improve trade between the two countries.

Australia is the 17th largest trading partner of India and India is Australia's 9th largest trading partner. The ECTA is expected to almost double the bilateral trade from USD 27.5 bn (2021) to about USD 45 to USD 50 Billion in the next five years.

ECTA is expected to create new employment opportunities, raise living standards and enhance the overall welfare of the people of both countries. Additional employment generation is expected to be 10 lakhs within the next five years.

( With inputs from ANI )

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