Indian Economy News

Shri Piyush Goyal begins 3-day visit to Australia, days after inking India-Australia Economic Cooperation and Trade Agreement (ECTA)

Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Mr. Piyush Goyal, left New Delhi for a three-day visit to Australia. His visit comes only days after the Economic Cooperation and Trade Agreement (IndAus ECTA) between India and Australia was signed on Saturday, April 2. He will meet with business executives and Indian students, among other people.

During his visit, Mr. Goyal will conduct extensive discussions about the ECTA with his Australian counterpart, Mr. Dan Tehan MP, Minister for Trade, Tourism and Investment. The ECTA is India's first trade deal with a developed country in more than a decade, and it establishes an institutional system to boost bilateral commerce. Mr. Goyal will also meet with Mr. Tony Abbott, the Australian PM’s Special Trade Envoy.

Along with Mr. Dan Tehan, Mr. Goyal will tour the iconic Melbourne Cricket Ground and address the Australia-India Chamber of Commerce and Austrade, later meeting with the Indian media. After, he will pay a visit to Melbourne's Shiva Vishnu Temple and attend an Indian Diaspora gathering.

Mr. Goyal will also speak at the Emerging Diaspora Business Leaders Reception hosted by India-Australia Business and Community Awards (IABCA).

In the following five years, the ECTA is predicted to nearly double bilateral commerce from US$ 27.5 billion in 2021 to US$ 45-50 billion. The ECTA is also anticipated to increase employment possibilities, elevate living standards, and improve the overall well-being of both countries' citizens.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.