India and Australia have signed a landmark agreement to strengthen the Indo-Pacific region

India and Australia this Saturday signed a historic agreement for the next five years aimed at boosting the growth of the Indo-Pacific region by boosting bilateral trade. In key areas such as the textile, pharmaceutical industry or information technology.

The contract proposes To raise bilateral trade to $ 50,000 million over the next five yearsIt was up to Rs 27,000 crore, the Indian Commerce and Industry Minister said. Piyush GoyalWhen signing the document.

Speaking at the meeting, the Minister said, “It is there Indian exports have great potential in sectors such as textiles, pharmaceuticals, hospitality, gems and jewelery and information technology.“It simply came to our notice then.

For its part, Australia has partnered with an Asian company “in key areas of interest to India. Education, Information Technology (Information and Technology), Business, Professional Services, Health & AudiovisualThe Indian Ministry of Commerce and Industry said in a statement.

As well as “Postgraduate work visas for students, reservations for cooks and yoga instructors”, as well as work and vacation visas for young professionalsAdd the letter.

India believes in it with this signature “New jobs, improving the quality of life and improving the general well-being of the people of both countries”.

The Prime Minister of India was also present at the signing ceremony of the agreement, which took place almost immediately. Narendra ModiAnd its Australian counterpart, Scott MorrisonWho showed their approval for this historical document, which “reflects the screen The depth of mutual trust between the two countries”, Said the President of India.

Modi stressed that “this is a crucial moment for our bilateral relations” and considers that this free trade agreement allows India and Australia. “Increase the regression of supply chains and contribute to the stability of the Indo-Pacific region”.

The historic agreement signed by the two countries began negotiating for more than a decade, but the process was suspended in 2015 after nine rounds. The conversation resumed in 2020 Increasing China’s pressure in the region and strengthening ties between Quad members.

India and Australia are members of the Quad Alliance USA and JapanAnd both Modi and Morrison have repeatedly mentioned the Indo-Pacific goal Desires to expand into China’s so-called “independence, open and inclusive” territory.

Quad leaders met in early March Assess the “impacts” of the Russian invasion of Ukraine and ensure that “such events never happen in the Indo-Pacific region”.Morrison recalled.

The quad is a Informal Strategic Forum Arrangement between USA, Japan, India and Australia Organizes regular summits, exchanges of information and currently joint military exercises. It was established on the orders of Japan in 2007 and, despite mixed luck, has survived until it has grown significantly in recent years.

(With information from EFE)

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