The Economic Cooperation and Trade Agreement signed by India and Australia last week is expected to boost bilateral trade between the two countries to $100 billion by 2030 from the current $26-27 billion, Union Commerce and Industry Minister Piyush Goyal said on Wednesday.
Addressing the University of Melbourne along with Dan Tehan, Australian Minister for Trade, Tourism and Investment, in Melbourne, Goyal said bilateral trade between India and Australia is expected to grow at a much faster rate than earlier estimated. Earlier, it was estimated that India-Australia bilateral trade would increase to $50 billion in 5 years after the signing of the trade pact.
“Together this marriage can truly have far-reaching dimensions for both our economies and, if I dare say, for the rest of the world also where we can collectively engage and have an outreach to other parts of the world,” he said.
Goyal invited Australian businesses to invest in India. “We offer you transparency. We offer you our trust, and rule of law. We are two democratic nations, two people who love sports, both are members of the Commonwealth,” he said.
The minister also addressed members of the business community from both countries at the Melbourne Cricket Ground.
Addressing the business community, Goyal noted that India and Australia have complementarities that can benefit both countries. India has a huge market while Australia has investible surplus.
He said the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) will unlock the huge market of almost 1.4 billion consumers in India to Australian industries.
“We are now one, that’s what the Unity Agreement is all about. And at this watershed moment in our relations, I think it’s only appropriate that we break every barrier between the two countries whether it’s movement of goods, services, people, technology, education, science, medical knowledge, we break all these barriers, see how we can work together as true brothers,” Goyal said.
The minister said there is huge potential in areas like textiles, pharma, hospitality, gems and jewellery, IT, Startups etc., and Accountancy in Services, which will create huge employment in both countries.
