Chennai: Union Minister of Commerce, Industry, Consumer Affairs, Food, Public Distribution and Textiles Piyush Goyal today said the India Australia Economic Cooperation and Trade Agreement (IndAus ECTA) heralds another new chapter in India’s exciting rise in the global trading arena.
Describing India and Australia as joint winners in trade, he said, ‘Under Prime Minister Narendra Modi’s leadership, the country is regularly scaling new heights in the fiercely competitive global market. Just last month, India achieved and exceeded the ambitious export target of $400 billion for 2021-22, as Indian exporters, including small enterprises, amplified their existing operations, penetrated new markets and shipped out new products, accelerating economic growth and creating jobs at a time the global economy was rattled by the pandemic.’
A month before that, India signed the Comprehensive Economic Partnership Agreement with the United Arab Emirates, creating new avenues for wealth and jobs for its people, he added.
He stated: ‘The IndAus ECTA, which symbolises ekta, or unity, between India and Australia, is a major milestone. It will propel bilateral trade from the existing $27.5 billion to $45-50 billion in five years, bringing huge benefits to both countries. This is the first trade agreement with a developed economy after more than a decade, and has been achieved after widespread consultations with exporters, traders, small enterprises and professionals.’