India and Australia set to see $100 billion in two-way trade by 2030: Goyal

Bilateral trade between India and Australia is expected to grow to $100 billion by 2030, Trade and Industry Minister Piyush Goyal has said, from the current level of around $27. $5 billion.

Goyal, who is in Australia for a three-day visit, said the two countries were already close to reaching an agreement on a deeper education partnership.

On April 2, India and Australia signed the Economic and Trade Cooperation Agreement (IndAus ECTA), which allows the two countries to offer duty-free access to a large number of goods while simplifying regulations to stimulate trade in services.

“I think our teams should break down the connection into sectors to see how we can grow it…Let’s be a little more ambitious and aim for $100 billion in engagement by 2030…So in eight years we have quadrupled our relationship,” Goyal said Tuesday.

To encourage trade in services, the two countries are exploring things like dual degrees and negotiating mutual recognition agreements. Education, research, entrepreneurship and agritech, according to Goyal, are sectors where the two countries can collaborate more effectively.

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