On April 2, Australia and India signed a major free-trade deal, hailed by Indian Prime Minister Narendra Modi as a "watershed moment for bilateral relations".

The Australia-India Economic Cooperation Trade Agreement (AI ECTA) will eliminate tariffs on more than 85 per cent of Australian goods entering India and over 96 per cent of Indian goods entering Australia.

During an event hosted by the Australia India Institute, India's Minister for Commerce and Industry Piyush Goyal spoke to the transformational deal and the two country's strong history of research collaboration.

"I do believe when I get back, I'm going to suggest to my science and technology team and my agriculture research team to look at greater engagement with Australia.

"There is a lot we can learn ... and large amounts of people engaged in the medical field or in agriculture who can benefit tremendously with a greater partnership with Australia."

A boost for higher education 

As outlined by the Group of Eight (a collective of Australia's leading research-intensive universities), the agreement includes measures supporting higher education and research collaboration:

• The recognition of professional qualifications, licensing, and registration procedures between professional services bodies in both countries.
• Provisions to extend to the mobility for the research and development workforce which will facilitate business opportunities and be mutually beneficial.
• Extending the length of stay in Australia for STEM and ICT graduates with first class honours from two to three years, which will increase Australia’s appeal as a destination of choice.
• “Most Favoured Nation” status will see Australian service providers guaranteed best treatment to future Indian free trade agreement partnerships, including research and development and the higher education sector.

“At the core of any bilateral trade agreement is the strength of our people-to-people relationships and these are underscored by decades of research and education partnerships, which often flow on to other sectors of the economy, such as tourism,” Go8 Chief Executive Vicki Thomson said.

Banner image: India's Minister for Commerce and Industry Piyush Goyal and Australia’s Minister for Trade, Tourism and Investment Dan Tehan.