After the announcement that the Australian Parliament had approved the Free Trade Agreement (FTA) with India, Union Minister of Commerce and Industry Piyush Goyal stated on Tuesday that initial bilateral trade between India and Australia may reach USD 45–50 billion in the following 5–6 years.
“Initial scale of bilateral trade between India-Australia Economic Cooperation Trade Agreement (IndAus ECTA) can increase up to roughly USD 45-50 billion in the next 5-6 years,” Goyal said during a news conference. “We would like to congratulate the PMs of India and Australia on reaching this important milestone today. It is a historic day for both Australia and India. They are 2 democracies with mutual interests on the world stage, “added Goyal.
This morning, Australian PrimeAfter the announcement that the Australian Parliament had approved the Free Trade Agreement (FTA) with India, Union Minister of Commerce and Industry Piyush Goyal stated on Tuesday that initial bilateral trade between India and Australia may reach USD 45–50 billion in the following 5–6 years.
“Initial scale of bilateral trade between India-Australia Economic Cooperation Trade Agreement (IndAus ECTA) can increase up to roughly USD 45-50 billion in the next 5-6 years,” Goyal said during a news conference. The country’s Free Trade Agreement (FTA) with India has been approved by its Parliament, according to Minister Anthony Albanese. It is important to note that the Economic Cooperation and Trade Agreement (ECTA) between Australia and India was signed on April 2.
Goyal stated during the conference that this is the first time in “Australian history” that duty-free import is being offered on 100% of the items. In addition, he added, this is the first trade agreement with a developed nation in ten years.
