India- Australia FTA could reach $50 billion in five to six years: Minister Piyush Goyal

By

Isabelle Crossley

Published
Nov 23, 2022

The India- Australia Economic Cooperation Trade Agreement passed through the Australian Parliament on November 22. As well as boosting industries including textiles and gems and jewellery, the agreement could lead to trade of up to $50 billion in the coming five to six years, according to Union Minister of Commerce and Industry Piyush Goyal. 

“Initial size of bilateral trade between India- Australia Economic Cooperation Trade Agreement (IndAus ECTA) can go up to around $45-50 billion in the next five to six years," said Goyal on November 22, Asian News International reported. “It is a landmark moment for Australia and India, would like to congratulate the PMs of India and Australia for achieving this significant milestone today. These are two democracies with shared interests on the world stage.” 
 
The Australian Prime Minister Anthony Albanese also announced on Twitter on November 22 that the free trade agreement between India and Australia had gone through its parliament. The Australia- India ECTA was signed on April 2, 2022 and subsequently had to pass through various government processes. 

According to Goyal, the ECTA is a symbol of Australia’s recognition of India’s growing stature and capabilities on the world stage in terms of both goods and services. “The textile sector will benefit,” said Goyal. “Gem and jewellery sector are also excited as they will be able to sell their high-value jewellery in Australia.”