Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, stated that India and Australia should work towards increasing bilateral trade to US$ 100 billion by 2030, up from the current level of around US$ 27.5 billion.
Mr. Goyal, who is in Australia on a three-day visit, said the two countries are already nearing an agreement on further educational partnership.
On April 2, India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA), which allows both nations to offer duty-free access to a large number of goods while also simplifying regulations to stimulate service trade.
To encourage services trade, both countries are looking into things like dual degrees and negotiating mutual recognition agreements. Education, research, entrepreneurship, and agri-tech are sectors where both countries can collaborate more effectively. Mr. Goyal also requested Australian investments in areas such as infrastructure and improving aviation and maritime connectivity between the two countries.
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