India-Australia Trade Potential USD 100 Billion By 2030: Union Minister Piyush Goyal
NDTV
Australia is the 17th largest trading partner of India, while New Delhi is Canberra's 9th largest trading partner. India's goods exports were worth USD 6.9 billion and imports aggregated to USD 15.1 billion in 2021.
Commerce and Industry Minister Piyush Goyal has said that India and Australia should look at boosting the bilateral trade to USD 100 billion by 2030 from the current level of around USD 27.5 billion.
Piyush Goyal, who is in Australia on a three-day visit, said that both the countries are already at an advanced stage of entering into an agreement for greater collaboration in the education sector.
On April 2, India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA) under which both the countries are providing duty free access to a huge number of goods and relaxing norms to promote trade in services.
"I would suggest that our teams should drill down sector by sector to see how we are going to grow this relationship... Let's be more ambitious, let's look at USD 100 billion engagement by 2030... So, we are looking at quadrupling this relationship in eight years," Mr Goyal said on Tuesday.
