Prime Minister Narendra Modi on Thursday said the India-Australia Economic Cooperation and Trade Agreement (ECTA) will unlock the enormous potential of economic ties between the two countries, and described its operationalisation as a "watershed" moment. The India-Australia ECTA) has come into force from December 29.

"Glad that IndAus ECTA is entering into force today. It is a watershed moment for our Comprehensive Strategic Partnership. It will unlock the enormous potential of our trade and economic ties and boost businesses on both sides. Look forward to welcoming you in India soon," Modi tweeted. The free trade agreement (FTA) between India and Australia will help boost the bilateral trade in goods and services to cross USD 70 billion in the next five years, according to economic think tank GTRI.