India, Australia working in Quad to ensure peace, stability and order in Indo-pacific: Piyush Goyal
By ANI | Updated: April 9, 2022 02:30 IST2022-04-09T02:19:52+5:302022-04-09T02:30:08+5:30
Union Commerce and Industry Minister Piyush Goyal has said that over the years of negotiation, Prime Minister Scott Morrison and PM Narendra Modi decided to take India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) to the next level.
India, Australia working in Quad to ensure peace, stability and order in Indo-pacific: Piyush Goyal
"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."
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 the 17th largest trading partner of India 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 10 lakhs within the next five years.
( With inputs from ANI )
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