Tag - Australia

Union Minister of Commerce and Industry Piyush Goyal said that the India-Australia trade pact will raise bilateral trade from the present $26-27 billion to $100 billion by 2030, much faster than the initial expectation of rising to $50 billion in five years.

The excitement generated by the agreement has increased business optimism on both sides, he said while addressing the University of Melbourne along with Dan Tehan, Australian Minister for Trade, Tourism and Investment in Melbourne on Wednesday.

The minister invited Australian businesses to invest in India. “We offer you transparency. We offer you our trust, rule of law. We are two democratic nations, two people who love sports, both are members of the Commonwealth,” he said.

The minister also addressed members of the business community from both countries at the Melbourne Cricket Ground. Goyal said India and Australia have complementarities that can benefit both countries, – India’s huge market and Australia’s investible surplus. He said the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) will unlock the huge market of almost 1.4 billion consumers in India to Australian industries.

Goyal said there is huge potential in areas like textiles, pharma, hospitality, gems and jewellery, IT, Startups etc. and Accountancy in Services, that will create huge employment in both countries.

Goyal said that Australia is a preferred destination for Higher Education for most Indians, the IndAus ECTA paved the way for resolution of a big obstacle for India’s IT sector to grow in Australia.

Later, delivering the keynote address at Lunch with Business Leaders, organised by the Australia India Chamber of Commerce (AICC) in Melbourne, Goyal termed the IndAus ECTA as an important milestone that will contribute to widespread development of multi-sectoral economic value chains.

“I believe that here is a partnership between two countries which don’t compete with each other at all, they actually complement each other,” said Goyal.

“The focus that we are putting on Make in India dovetails so beautifully into the strengths of Australia, the natural bounty that you are all endowed with,” he said.

Complementing the leadership of Prime Ministers Narendra Modi and Scott Morrison, Goyal said the role of the former Australian Prime Minister and Australian PM’s Special Envoy on Trade, Tony Abbott and Australia’s Trade Minister, Dan Tehan were instrumental in capping the long-pending trade pact between the two nations.

Earlier, paying his tributes to the veteran cricketer, late Shane Warne, the Minister said that he had his admirers in India as well and that millions of cricket fans mourned over the sudden demise of the ‘King of Spin’.

“He was unique in more ways than one,” said Goyal, conveying his deepest condolences to the cricketer’s family and friends.

On Tuesday Union Minister of Commerce and Industry Piyush Goyal left New Delhi on a 3-day visit to Australia. His visit comes days after India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA) on Saturday, 2nd April.

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.

During the visit, I will take the ECTA to people, Goyal said, adding that interactions had been planned with Business leaders, Indian students, diaspora, etc.

During the visit Goyal will hold wide-ranging discussions with his Australian counterpart, Mr. Dan Tehan MP, Minister for Trade, Tourism and Investment, on carrying forward the ECTA. Goyal will also hold talks with Tony Abbott, Australian PM’s Special Trade Envoy this evening.

Goyal will address a Public conversation on Wednesday with Minister Dan Tehan and Allan Myers, Chancellor, University of Melbourne, at the Melbourne Law School in The University of Melbourne.

Goyal will also visit the landmark Melbourne Cricket Ground and address the Australia-India Chamber of Commerce and Austrade, along with Dan Tehan, besides interacting with the Indian media.

Later he will visit the Shiva Vishnu Temple in Melbourne and attend a Community event with the Indian Diaspora.

On Thursday, 7th April, Goyal and Minister Dan Tehan will interact with students at the University of New South Wales in Sydney and pay tributes at the statue of Mahatma Gandhi in the University campus. He will later address the Emerging Diaspora Business Leaders Reception hosted by India-Australia Business and Community Awards (IABCA). Later in the evening, Goyal, accompanied by Dan Tehan and Alex Hawke, Minister for Immigration and Multicultural Affairs, will attend a Community event at the Swaminarayan Temple in Sydney. Before leaving Sydney on Friday, 8th April, Goyal will also meet Alan Joyce, CEO & MD, Qantas Airways.