After the announcement of the passing of the Free Trade Agreement (FTA) with India by the Australian parliament, Union Minister of Commerce and Industry Piyush Goyal on Tuesday said that the initial size of bilateral trade between India-Australia can go up to around USD 45-50 billion in the next 5-6 years.
While addressing the presser, Goyal said, "Initial size of bilateral trade between India-Australia Economic Cooperation Trade Agreement (IndAus ECTA) can go up to around USD 45-50 billion in the next 5-6 years."
"It is a landmark moment for Australia and India, would like to congratulate the PMs of India and Australia for achieving this significant milestone today. These are 2 democracies with shared interests on the world stage," Goyal said.
Earlier today, Australian Prime Minister Anthony Albanese announced that the country's Free Trade Agreement (FTA) with India has passed through its Parliament.
"BREAKING: Our Free Trade Agreement with India has passed through parliament," Albanese tweeted.
It is pertinent to mention that the Australia-India Economic Cooperation and Trade Agreement (ECTA) was signed on April 2.
During the conference, Goyal said this is the first time in "Australian history" that they're giving duty-free import on 100 per cent of items. He further said that this is also the first Trade Agreement with a developed country after a decade.
Talking about the relationship shared between Prime Minister Narendra Modi and the Australian government, Goyal called it a "strong bond" and said that the FTA is a big recognition of India's growing stature and capabilities that businesses provide to the world both in goods and services.
Read more at: https://economictimes.indiatimes.com/news/economy/foreign-trade/initial-size-of-india-australia-trade-deal-can-go-up-to-45-50-bn-in-next-5-6-years-piyush-goyal/articleshow/95687979.cms
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