India, Australia ink pacts for free trade, boost ties

NH Bureau Saturday, 02 April 2022 04:42:30 PM

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New Delhi : India and Australia have signed key pacts today to boost economic ties between the two nations. Union Minister Piyush Goyal said that with today's deal, the bilateral trade between the nations will increase from USD 27 billion to USD 45 billion in next five years.

The #IndAusECTA is expected to take bilateral trade from the existing $27 bn to nearly $45-50 bn in next 5 years.

There is huge potential in areas like textiles, pharma, hospitality, G&J, IT, Startups among others creating huge employment in both countries: @PiyushGoyal
— Piyush Goyal Office (@PiyushGoyalOffc) April 2, 2022

In another tweet Mr Goyal says that the deal has removed trade barriers and unlocked potentials across sectors with massive employment generation opportunities in both nations.

The agreement is a result of the close bilateral trade ties with Australia under PM @NarendraModi ji's leadership.

The deal removes trade barriers & unlocks potential across sectors with massive employment generation opportunities in both nations.#IndAusECTA pic.twitter.com/HA3Zak4yJk
— Piyush Goyal (@PiyushGoyal) April 2, 2022

The new trade agreements have been signed after the virtual meeting between PM Narendra Modi and his Australian counterpart Scott Morrison.

It is 2 out of 2 in 2022!

After the momentous India-UAE CEPA, India & Australia walk the talk and sign the historic Economic Cooperation and Trade Agreement.

We are opening new gateways for our businesses and people to take the fast-lane to greater prosperity. 🇮🇳🇦🇺#IndAusECTA pic.twitter.com/9eiH0Up7Qa
— Piyush Goyal (@PiyushGoyal) April 2, 2022