New Australian government supports trade pact with India: Mr. Piyush Goyal
- IBEF
- July 14, 2022
The new Australian government supports the India-Australia Economic Cooperation and Trade Agreement (ECTA) signed in April 2022 and are expected to soon approach their parliament for approval of the agreement, said Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Textiles.
Once the deal is put into effect, more than 6,000 diverse industries from India, including textiles, leather, furniture, jewellery, and machinery, would have duty-free access to the Australian market.
According to Mr. Goyal, the agreement would help in taking bilateral trade from the current US$ 27.5 billion to US$ 45-50 billion in the next five years.
Australia is the 17th largest trading partner of India, while New Delhi is Canberra's 9th largest partner. India's goods exports stood at US$ 6.9 billion and imports aggregated to US$ 15.1 billion in 2021.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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