homeeconomy News

India, Australia sign interim trade pact; Piyush Goyal says bilateral trade likely to reach $45 50 bn in 5 years

India, Australia sign interim trade pact; Piyush Goyal says bilateral trade likely to reach $45-50 bn in 5 years

India, Australia sign interim trade pact; Piyush Goyal says bilateral trade likely to reach $45-50 bn in 5 years
Profile image

By CNBCTV18.com Apr 2, 2022 11:05:19 AM IST (Published)

India and Australia signed an interim trade agreement on Saturday. Union Minister Piyush Goyal said the pact will take the bilateral trade between the two nations to nearly $50 billion over the next five years.

India and Australia signed an interim trade agreement on Saturday, which Union Minister Piyush Goyal said would take the bilateral trade between the two nations to nearly $50 billion over the next five years.

Recommended Articles

View All

“The India-Australia trade pact is expected to take bilateral trade from the existing $27 billion to nearly $45-50 billion in the next 5 years. There is huge potential in areas like textiles, pharma, hospitality, G&J, IT, and startups among others creating huge employment in both countries,” he said at the signing ceremony of the India-Australia Economic Cooperation and Trade Agreement.
Commerce and Industry Minister Piyush Goyal and his Australian counterpart Dan Tehan signed the greement in a virtual ceremony, in the presence of Prime Minister Narendra Modi and the Prime Minister of Australia Scott Morrison.
Goyal said he was confident that the multi-faceted and forward-looking trade pact will take the ties between the two nations to greater heights.
"India-Australia partnership has been going from strength to strength. Our exports to Australia have grown the highest in the last 12 months. We are looking forward to taking the speed of negotiations forward," the minister said, adding that the trade agreement will herald a new era of trade and commercial ties.
PM Modi said the trade pact is truly a watershed moment for India-Australia relations and his Australian counterpart Scott Morrison said the agreement will further deepen the nations’ close ties.
The agreement "encompassing trade in goods and services, is a balanced and equitable" pact and it will further cement the already close and strategic relations between the countries, the Commerce Ministry said in a statement on Friday.
It will significantly enhance the bilateral trade in goods and services, create new employment opportunities, raise living standards and improve the general welfare of the peoples of the two countries, it added.
Following the agreement, Indian exporters from over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery, will get duty free access to the Australian market, according to government sources cited by news agency PTI.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng