New Delhi/IBNS/UNI: Australian Prime Minister Anthony Albanese, while addressing the India-Australia CEO Forum in Mumbai on Thursday, said the Economic Cooperation and Trade Agreement (ECTA) signed between India and Australia is a transformative agreement that will unlock the next level of potential in trade and investment.

Prime Minister Albanese expressed sincere appreciation for the large turnout of Australian investors that came to India as well as for the key Indian business houses that participated.

He remarked that this is one of the most serious and high-profile delegations to visit India from Australian shores.

He was very optimistic about the complementarities between both nations and concluded by saying that this juncture is a turning point in accelerating economic cooperation and mutual benefits in the relationship between Australia and India, a statement said.

Union Minister of Commerce and Industry Piyush Goyal also participated in the CEO Forum along with Senator Don Farrell, Australian Minister for Trade and Tourism.

Piyush Goyal noted that the current goal of doubling the bilateral trade must be reset by the industries and CEOs present there as there was great potential to increase trade manifold between the two nations.

He reiterated the growth potential of the bilateral trade and investments between India and Australia today.

The Minister, from his previous visit to Australia in April 2022, recounted an example of his interaction with the CEO of Cochlear (Australian hearing implant manufacturers).

After the interaction, he reassured them that their current market share in India was only a minuscule of the potential for the business, given India’s population, rapid growth in the middle class, and the growing demands of the overall economy for a better lifestyle.

The Forum was organized by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry along with the Confederation of Indian Industry (CII) in order to leverage the ever-growing trade and investment between the two countries. The forum was co-chaired by Anish Shah, MD & CEO, of Mahindra Group, and Shemara Wikramnayake, MD & CEO, of Macquarie Group.