Days after signing a trade deal with Canberra, commerce and industry minister Piyush Goyal on Friday called on Australian businesses to further deepen bilateral economic engagement and participate in the “Make in India” programme, Trend reports citing Financial Express.
Highlighting that the recently-concluded India-Australia Economic Cooperation and Trade Agreement (ECTA) has opened up window of opportunities for firms in both the nations, the minister asked Australian companies to invest in Indian start-ups as well. He was addressing a gathering at a business luncheon hosted by deputy premier of Western Australia, Roger Cook, in Perth.
The ECTA promises preferential access to all Indian goods in five years (from 96.4% immediately after the pact comes into effect) and 85% of Australian products (from 70% to start with) to each other’s market. Indian yoga instructors, chefs, students and STEM (Science, Technology, Engineering and Mathematics) graduates will have easier access to Australia while premium wine from that country will make greater inroads into Indian supermarkets once the ECTA comes into force. Goyal has said both the countries can raise trade in goods and services to $100 billion by 2030 from $27.5 billion in 2021.
Outlining sectors of focus under the ECTA, including education, research, innovation, technology and manufacturing, Goyal called for bolstering relations in areas such as space and sustainability.
He stressed that Indian and Australian economies hardly compete with each other; instead they complement each other. For instance, fabric or apparel made of Australian sheep wool will make an excellent offering to India, while India’s vast talent pool will benefit Australia. Similarly, Australia has been a big supplier of raw materials and intermediate goods; India can convert these to finished products using its skilled labour force and supply to the world, the minister said.
Later, speaking at a tourism event in Perth, Goyal called for mutual recognition of each other’s education systems.