Australia, India sign trade deal

Australia formally signed a trade deal with India on Saturday as the two nations signalled an intention to forge closer trade ties, reports Reuters.

The Australia-India Economic Cooperation and Trade Agreement was signed in a virtual ceremony by Trade Minister Dan Tehan and India's Minister of Commerce & Industry, Piyush Goyal.

Australia's Prime Minister Scott Morrison and India's Prime Minister Narendra Modi witnessed the virtual ceremony.

The deal with India removes tariffs on more than 85 per cent of Australian goods exports to India, worth A$12.6 billion.