Perth [Australia], April 8 (ANI): Union Commerce and Industry Minister Piyush Goyal on Friday underlined the importance of the India-Australia Economic Cooperation and Trade Agreement, saying that it will boost economic ties help in geopolitical and strategic partnerships and create huge employment opportunities in India.
Goyal is on a three-day visit to Australia from April 6 to 8. The visit comes days after inking the Economic Cooperation and Trade Agreement (ECTA).
“The trade agreement has been well received in India and Australia. I think it will be a great boost to both economic ties, help us in our geopolitical and strategic partnership and create huge employment opportunities for our young boys and girls in India,” Goyal told ANI.
While answering a query on India being ready to play a role in Asian geopolitics, Goyal said, ” India is an emerging power, whom everybody wants to engage with. Prime Minister Narendra Modi is one of the most popular leaders across the world, somebody who all countries and their leaders look up to as an elder statesman and in the years to come, I believe the role of Prime Minister Narendra Modi in the geopolitics not only of this region of the Indo Pacific but across the world is only going to grow increasing.”
Talking about the trade deal, the minister said there is a remarkable growth potential for trade between India and Australia. There is huge potential to expand our footprint in the services sector, IT sector.
“Tourism is also an important area as trade expands. Australia and India are rich in history, culture & tradition. We are connected by our love for cricket. There is huge tourism potential, it will help the economies of both the countries.”
“In education, this agreement is going to be a watershed moment. We’re looking at mutual recognition of our degrees both in India and Australia and joint education programs. The exchange between people will lead to a greater thrust to our economic engagement,” he added.
ECTA is the first trade agreement of India with a developed country after more than a decade and provides for an institutional mechanism to improve trade between the two countries.
Australia is India’s 17th largest trading partner, and India is Australia’s 9th largest trading partner. The ECTA is expected to almost double the bilateral trade from USD 27.5 bn (2021) to about USD 45 to USD 50 Billion in the next five years.
ECTA is expected to create new employment opportunities, raise living standards and enhance the overall welfare of the people of both countries. Additional employment generation is expected to be ten lakhs within the next five years. (ANI)