India, Australia Trade Pact To Take Bilateral Business To $45-50 Bn, Expect To Create 1 Mn Jobs: Piyush Goyal

“We are removing trade barriers, which will lead to doubling of trade in the future that will have great potential for labour-oriented sectors,” he told the media, ANI reported.

Union Commerce and Industry Minister Piyush Goyal (File Photo/Getty)

New Delhi: Union Commerce and Industry Minister Piyush Goyal on Saturday said the India-Australia Economic Cooperation and Trade Agreement (IndAusECTA) is expected to take bilateral trade from the existing $27 billion to nearly $45-50 billion in the next five years.

“We are removing trade barriers, which will lead to doubling of trade in the future that will have great potential for labour-oriented sectors,” he told the media, ANI reported.

Goyal said the government expects one million jobs creation in India in the next four to five years.

“A number of new opportunities will open for Indian chefs and yoga instructors in the time to come,” he added.

#WATCH | Following the virtual signing of India-Australia Economic Cooperation & Trade Agreement, Union Min Piyush Goyal addresses a PC: says, "We expect 1 mn jobs creation in India in next 4-5 yrs. A number of new opportunities will open for Indian chefs & Yoga instructors..." pic.twitter.com/fk6YFwqxbb

— ANI (@ANI) April 2, 2022

The Union Minister further said the two sides also discussed the cooperation of education institutions between India and Australia.

“There are over one lakh Indian students living and studying in Australia. We are looking at a work and holiday visa arrangement for promoting tourism,” said Goyal.

“A post-study work visa between two and four years will be available for the Indian students, particularly for STEM graduates,” he added.

The Union Minister’s remarks come as India and Australia earlier in the day inked an interim trade pact to boost economic ties between the two countries.

The India-Australia Economic Cooperation and Trade Agreement was signed by Goyal and his Australian counterpart Dan Tehan.

The agreement was signed in a virtual ceremony in the presence of Prime Minister Narendra Modi and his Australian counterpart Scott Morrison.

Speaking virtually on this occasion, Prime Minister Modi said the agreement was finalised in a short span of time which showed that India and Australia share mutual trust.

Terming this agreement a watershed moment for the bilateral ties, Prime Minister Modi said huge potential lies in the economic cooperation between both the nations and this agreement will provide a platform to utilise those economic opportunities.

He said that this agreement would also strengthen the stability of Indo-pacific region and supply chain resilience.

Prime Minister Modi further said this agreement will facilitate the movement of students, professionals and tourists between the two countries.