 in this agreement. We have worked tirelessly with our negotiators to make sure that we've got to this occasion. We are very confident that this deal will see our two-way trade, the trade between our nations, double in the coming years. We also know that this agreement will underpin the economic stability of the Indo-Pacific. It is an agreement for its time. It is an agreement for this moment and it's wonderful to be able to join with you to sign it. And what a wonderful occasion to be doing it on India's new year. This will create a new dawn for our nations but also it is wonderful to be able to celebrate it on such an august occasion in India. Thank you very much. I'd like to invite Shree Ayush Geyul, Minister of Commerce and Industry, Consumer Affairs and Food and Public Distribution and Textiles of India to make some remarks. Thank you. Your Excellency, Honourable Prime Minister, Mr Scott Morrison, Honourable Prime Minister, Shree Narendra Modiji, my friend Minister Tehan, India and Australia are natural partners connected by shared values of democracy, rule of law and transparency. Like two brothers, both nations supported each other during the COVID-19 pandemic. Our relationship rests on the pillars of trust and reliability, aptly reflected in our deepening geo-strategic engagement through the Quad and the Supply Chain Resilience Initiative. Today is a historic day for our ties as we sign the Economic Cooperation and Trade Agreement, Indus Ekta. In a way, it started when Prime Minister Shri Modi visited Australia in 2014, and I remember his words, Australia will not be at the periphery of our vision, but at the centre of our thought. I see a great future of partnership between India and Australia and a shared commitment to realise it. Recently, the leaders met virtually for the Indus Summit and within 10 days, we are here to witness the signing of the Indus Ekta. I am grateful to our leaders who guided and motivated us to complete the agreement in a truly cooperative spirit, understanding each other's sensitivities. My deep sense of appreciation goes out to both teams for their outstanding work. Given the time difference between the two nations, the negotiations would run into late nights with either side remaining awake on many occasions. The Indus Ekta would remove barriers to trade and will open up plethora of opportunities in both goods and services for both nations. It is expected that the bilateral trade would go from the existing 27 billion US dollars to nearly 45 to 50 billion US dollars over the next five years. There is huge potential in areas like textiles, pharmaceuticals, hospitality, German jewelry and IT, amongst others, creating huge employment in both countries. I am confident that this multifaceted and forward looking Indus Ekta will take our ties to greater heights. Thank you very much. Namaste. The document will now be signed by Minister Teon and Minister Goyal. I will now invite Honorable Prime Minister of the Republic of India, Shree Narendra Modi, to make some remarks. Today, I am with my friend Scott for the third time. Last week, we had a very productive discussion in our virtual summit. At that time, we gave our teams the opportunity to discuss trade agreement and trade agreement. I am very happy that today, we are having a very important meeting. For the sake of this extraordinary opportunity, I am proud of both countries' trade ministers and their officials. I would like to congratulate the former Prime Minister of Australia and the Prime Minister of Mauritania, Trade Envoy Tony Abbott. I am very happy that they have come to this meeting. Friends, in such a short period of time, it is very important to make an agreement that how much mutual trust is there between the two countries. This is a watershed moment for us. I am very confident that we will be able to take full advantage of these opportunities through this agreement. On the basis of this agreement, together we will be able to improve the resilience of the supply chain and in the Indo-Pacific region, we will be able to contribute to the stability. Friends, people to people. This relationship between India and Australia is an important part of friendship. This agreement will make it easy for students, professionals, and professionals to make this agreement easier. This will make this relationship stronger. I would like to again congratulate the teams of both countries, India, Australia, Economic Cooperation and Trade Agreement, Indus-Ecta, on their successful negotiations. I would like to congratulate them on their successful negotiations. I would like to congratulate the Prime Minister Morrison on his successful negotiations. I would like to congratulate the women's cricket team on their successful negotiations. I would like to congratulate the women's cricket team on their successful negotiations. I will now invite the Prime Minister of Australia, the Honourable Scott Morrison NP, to make some remarks. Prime Minister Modi, you're up to go. Your Excellency, my dear and trusted friend, Prime Minister Narendra Modi, to Minister Goyal and to Minister Tien Namaste, but also Gideh, from here in Launceston, in the island state of Tasmania. I feel it's a very timely and relevant place for me to be because this is the home of crayfish, of sheep meat, of our wall, and the many other berries and other things that form part of this agreement. I'm so pleased to be able to join you here from Tasmania today. As Prime Minister Modi mentioned, it was only last week that we were meeting as part of a very productive annual virtual summit. But this was, of course, not the first time we've met. We've met on many, many occasions. And I go back to 2014 where I had the good fortune to be seated next to Prime Minister Modi then, Prime Minister, when I was then the Immigration Minister. And it was Prime Minister Abbott who introduced us on that day back in 2014. And I also want to join with Prime Minister Modi in extending my thanks to the former Prime Minister, Tony Abbott, when it comes to the agreement that we've been able to reach on this day. I said then at our virtual summit last week that the pace and scale of our cooperation since we announced our comprehensive strategic partnership has been remarkable. Some 282 million in new initiatives that my government has announced including at the summit, which will drive our expanding cooperation. This is the single largest Australian government investment in our relationship with India, but it won't be the last. And now we mark another milestone in that relationship. The signing of the Indus Agreement, the Australia-India Economic Cooperation and Trade Agreement. This agreement further develops on the promise of our economic relationship, realises it. It will facilitate cheaper Australian goods to India, wool, horticulture, coal, LNG amongst many others supporting India's economic growth and development. It will unlock deeper cooperation in critical minerals and rare earths, which I know is an area of increasing importance to India's growing manufacturing sector. And a very common topic of our discussions as part of the Quad Leaders Dialogue, which I share with Prime Minister Modi. And it will further deepen the warm and close ties between our people by delivering increased work, study and travel opportunities. Importantly, it sends a powerful signal to our businesses and investors alike that one of the biggest doors is now open to a great economic partnership. These dynamic regional economies, like-minded democracies, working together for mutual benefit. It also delivers a clear message that democracies are working together and ensuring the security and resilience of our supply chains. I very much want to commend both of our ministers, Ministers Goyal and Minister Thien, and the many officials for their great work and their impressive efforts in securing this outcome. I thank also our High Commissioner Barry O'Farrell, who was sent as our High Commissioner by myself as a dear and close friend to be our ambassador to my dear and close friend, Prime Minister Modi. I welcome our agreement to date as a first step towards full co-operative economic cooperation agreement between our two great nations by the end of the year. And I thank you for your commitment and perseverance in securing this great achievement. I thank you also, Prime Minister, for your kind wishes in relation to the Women's World Cup. And we look forward to continuing great friendly competition. But when it comes to our economies, we are very much on the same team, same team pursuing the economic advancement for both of our peoples. I'm jealous of only one thing and that was, I wasn't able to be at that, what sounded like a very nice lunch in New Delhi between our ministers. And I look forward to being able to join Prime Minister Modi, hopefully in the not too distant future, where we can speak again, but this time face to face. Thank you. That concludes the science of money.