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“We offer you transparency. We offer you our trust and rule of law. We are two democratic nations, two people who love sports, both are members of the Commonwealth,” he said.
Photo Credit : Piyush Goyal's Youtube
India-Australia trade pact will raise bilateral trade from the present USD 26-27 billion to USD 100 billion by 2030, much faster than the initial expectation of rising to USD 50 billion in five years, said union minister Piyush Goyal.
"Together this marriage can truly have far-reaching dimensions for both our economies and, if I dare say, for the rest of the world also where we can collectively engage and have an outreach to other parts of the world," he said.
The minister invited Australian businesses to invest in India. “We offer you transparency. We offer you our trust and rule of law. We are two democratic nations, two people who love sports, both are members of the Commonwealth,” he said.
Goyal said there is huge potential in areas like textiles, pharma, hospitality, gems and jewellery, IT, Startups etc. and accountancy in services, that will create huge employment in both countries.
“Let’s see some more Tasmania lobsters in New Delhi possibly, or wine from South Australia coming down into Indian shelves, we’ll probably have a lot more Bangaloreans coming down to Melbourne to serve you in your IT space, we’ll have a lot more jewellers from Prime Minister’s home state of Gujarat, from Surat coming down to sell their wares in the stores in Australia, lots to do together, lot of potential in different areas. I hope this partnership will grow and we will all grow along with this partnership,” he added.
Goyal said there is huge scope for trade in Services. While Australia is a preferred destination for Higher Education for most Indians, the IndAus ECTA paved the way for the resolution of a big obstacle for India’s IT sector to grow in Australia.
“I am delighted that we have been able to resolve a long-pending issue about taxation of the IT industry that was kind of holding back greater business with Australia. That being behind us, there’s huge potential,” he said.