Goyal made these remarks after convening the 13th meeting of the US-India Trade Policy Forum (TPF) with US Trade Representative Katherine Tai in Washington.
The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will benefit Indian exports from preferential duty market access in Australia and will benefit India's labor-intensive sectors such as gems and jewelry, textiles, leather, footwear, furniture, food and agricultural p
The new trade agreement with India will deliver new opportunities for Australian businesses, said Australian Prime Minister Anthony Albanese as he announced his India visit next year in March.
Union commerce minister Piyush Goyal on Thursday said cheaper raw materials from Australia under the trade agreement will make India more competitive globally, besides enabling it to serve its domestic consumers better.
An official statement from the Australian side that the trade agreement underscores the commitment to delivering opportunities to diversify trade that are commercially meaningful for Australian businesses.
The implementation of the Economic Cooperation and Trade Agreement (ECTA) between India and Australia has the potential to double bilateral trade in goods and services to USD 45 billion in the next five years, said the Confederation of Indian Industry (CII).
The last meeting between the Commerce Ministers of the two countries was held in Dhaka in September 2018. The commerce ministry said both sides held comprehensive discussions to further strengthen bilateral economic relations.
Since 2021, the US government said that it has helped close more than 800 two-way trade and investment deals across 47 African countries for a total estimated value of over USD 18 billion, and the US private sector has closed investment deals in Africa valued at USD 8.6 billion.
Badenoch's visit marks the sixth round of formal negotiations between UK and India. The goal of strengthening bilateral ties and reviving talks on an ambitious bilateral trade deal between the two nations, according to an official statement.
The expert said that India and Australia will come closer with opening of agriculture and food, as well as important strategic areas like critical minerals.