Melbourne [Australia], July 9 (ANI): Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese on Thursday (local time) participated in the India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne, where the two leaders reaffirmed their commitment to expanding bilateral trade, investment and business cooperation.

Addressing business leaders, PM Modi underscored the impact of the India-Australia Economic Cooperation and Trade Agreement (ECTA) on bilateral economic relations.

'The ECTA (Economic Cooperation and Trade Agreement) agreement, concluded in record time in 2022, has further strengthened our economic ties; since its implementation, exports from India to Australia have doubled, and businesses in both countries have benefited from new market access,' PM Modi said.

He added, 'The world is currently navigating a period marked by uncertainty, supply chain disruptions, and an energy crisis. In such times, it is both natural and essential for India and Australia to move forward as natural and trusted partners.'

Earlier, Indian High Commissioner to Australia Nagesh Singh said the Australian visit by the Prime Minister will see several outcomes emerge during his meetings with Australian PM Albanese.

In terms of the impact of the visit on the future of economic ties, he said, 'We signed the ECTA, the Economic Cooperation and Trade Agreement, in 2022. Since then, our bilateral trade has gone up by 25%. It's crossed almost 50 billion; it's about 54 billion Australian dollars. But it's way below the potential given the size and dynamism of both our economies. We are negotiating a Comprehensive Economic Cooperation Agreement which is a very complicated kind of agreement which is being negotiated. We haven't finished it yet, but there will be some progress and hopefully, sooner rather than later, we'll conclude. But this visit will be more about reviewing where we are in terms of our trade and investment relationship and the CECA, as it's called, will open up many vistas for both countries in terms of a very deep partnership in the economic and commercial front.'

Meanwhile, Prime Minister Narendra Modi on Thursday met his Australian counterpart, Anthony Albanese, in Melbourne during the second leg of his three-nation visit to Indonesia, Australia and New Zealand.

The meeting comes after Prime Minister Modi arrived in Australia on Wednesday and was accorded a grand welcome by the Indian community, marked by cultural performances showcasing the shared heritage between the two countries.

Prime Minister Modi arrived in Australia after concluding his visit to Indonesia, the first leg of his three-nation tour.

During his three-day visit, Modi and Albanese are expected to hold wide-ranging discussions on strengthening cooperation in defence and security, trade and investment, education, mobility and people-to-people ties.

In his departure statement before the visit, PM Modi had said the Australia visit would also provide an opportunity to deepen bilateral cooperation in emerging and critical technologies, sports and sports science.

After concluding his engagements in Australia, the Prime Minister will travel to New Zealand, the final leg of his three-nation tour. (ANI)