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IndAus ECTA will help us double our bilateral trade in the next 5-6 years and by 2030 we must aspire for a USD 100 billion bilateral trade target, he said
Photo Credit : Piyush Goyal's Youtube
India will set up the invest India office in a few months and open a trade promotion office in Australia in order to realise the potential of the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA), said union minister Piyush Goyal.
"It has always been an important element of our partnership. In the post-Covid world, we must explore possibilities of hybrid programmes," said Goyal, in his address during an Interaction with Students of New South Wales (UNSW) in Sydney.
Terming the IndAus ECTA as a "natural partnership", Goyal said India is looking at tripling steel production capacity and energy efficiency.
IndAus ECTA will help us double our bilateral trade in the next 5-6 years and by 2030 we must aspire for a USD 100 billion bilateral trade target, he said.
I do agree that if you have to reach 100 billion, we will have to drill it down to more specifics. Those specifics also come in the soft power, he said.
"We will have to look at much deeper engagements in our science and technology, in our research, in our education, we will have to align standards. So we will have to get our standards bodies to look at working with each other so that products can seek seamless access in other’s markets," said Goyal.