1 million jobs, trade barriers removed: Minister on India-Australia pact
The agreement comes just ahead of the Morrisson government calling the next general elections in Australia.
A slew of opportunities has opened for India with the new agreement that has been signed with Australia, Union minister Piyush Goyal said on Saturday as the two countries hailed the trade pact. Goyal signed The India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) with Australia minister Dan Tehan at a virtual event that was also attended by Prime Minister Narendra Modi and his Australian counterpart Scott Morrison.
The trade agreement "will raise standard of living in both the countries, help raise prosperity to our people and enhance the welfare of our people," Goyal told reporters. "By initial estimates, we expect 1 million jobs to be created in the next four to five years. In an expansion of bilateral ties, India has offered access in several sectors to Australia and likewise, this has been fairly reciprocated by Australia. A number of opportunities will open for yoga chefs and instructors in the years to come. Visas for students are also a part of this agreement," Piyush Goyal said on Saturday.
The pact was defined as a "water-shed moment" by the prime minister. “On the basis of this agreement, together, we will be able to increase the resilience of supply chains, and also contribute to the stability of the Indo-Pacific region," PM Modi said.
"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 (sic)" Piyush Goyal tweeted.
In another post, he shared details different sectors will enjoy with the agreement. "Today, we turn a new leaf in India-Australia ties. The historic Economic Cooperation & Trade Agreement gets inked on the auspicious occasion of ‘Gudi Padwa’. It is a prelude to the exponential growth prospects of our trade & investments in the years to come. (sic)," he wrote.
In the leather and footwear segment, Indian exports are likely to reach USD 100 million in the next two years, while the textile and garment sector exports will achieve the figure in the next three years.
Zero duty "on over 96% of Indian exports will immediately bring in major gains for several labour-intensive industries," his office said in another tweet.
The agreement comes just ahead of the Morrison government calling the next general elections in Australia.